// JavaScript Document

function showAltText(letter) {
	if(letter=="a"){
		document.getElementById("alltext").innerHTML = "<h2 align='center'>A</h2><p><strong>Additional  security fee</strong><br />An up-front, one off fee paid to  the lender to protect them against the borrower defaulting on the loan.  Usually, charged on mortgages over 75% of the house value. Also known as MIG,  Indemnity Guarantee premium and Mortgage Indemnity Premium.<br /><br /><strong>Annual  percentage rate</strong><br />(APR) the total cost of a loan,  including all costs, interest charges and arrangement fees shown as a  percentage rate and easily comparable with mortgage interest rates.<br /><br /><strong>Arrangement  fees</strong><br />Charged to arrange a loan on  certain products. Usually applied to loans where a special interest rate  applies e.g. fixed or capped rates.<br /><br /><strong>Assignment</strong><br />The transfer of ownership of an  insurance policy or lease.<br /><br /><strong>Auction</strong><br />The sale of a property to the highest bidder.";
	}
	if(letter=="b"){
		document.getElementById("alltext").innerHTML = "<h2 align='center'>B</h2><p><strong>Basic variable  mortgage rate</strong><br />Mortgage lender's standard rate  of interest which may be increased or decreased periodically by the lender  depending on prevailing economic conditions.<br /><br /><strong>Bridging  loan</strong><br />A temporary loan providing  financial cover which allows a purchaser to complete on the purchase of a new  property before selling the previous property.<br /><br /><strong>Building  survey (formerly full structural survey)</strong><br />A full inspection of the  property, conducted by a chartered surveyor, who then writes a detailed report  including any property defects. Suitable for any house, particularly older  properties and those which have been poorly maintained. Also for properties  which have been extensively altered or extended, or any property you may wish  to alter or extend.<br /><br /><strong>Buy to  let mortgage</strong><br />A type of mortgage specifically designed for people buying a  property with the intention of letting it out.";
	}
	if(letter=="c"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>C</h2><p><strong>Capital</strong><br />The amount of the loan on which  interest is calculated.<br /><br /><strong>Capped  mortgage</strong><br />Normally agreed for a fixed  period of time, many lenders provide mortgages with an upper limit on the  interest rate. Thus if the standard interest rate is lower than the upper limit  you will be charged the lower rate, but if the standard variable rate is higher  you will be charged at the agreed rate.<br /><br /><strong>Chain</strong><br />The situation that occurs when a  buyer is reliant upon completion of the sale of his existing property, in order  to complete on the purchase of his new property.<br /><br /><strong>CML</strong><br />The council of mortgage lenders,  which as devised the Mortgage Code to ensure lenders treat customers fairly.<br /><br /><strong>Completion</strong><br />The point at which all  transactions concerning the property&rsquo;s sale are concluded and legal transfer of  ownership passes to the buyer.<br /><br /><strong>Conditions  of sale</strong><br />The details which determine the  rights and duties of the buyer and seller. These may be national, statutory, or  the Law Society&rsquo;s conditions.<br /><br /><strong>Contents  insurance</strong><br />Insurance to cover any loss or  damage to your possessions within the property.<br /><br /><strong>Contract</strong><br />A legal agreement between the  seller and buyer of a property which binds both parties to complete the  transaction.<br /><br /><strong>Contract  race</strong><br />When two parties have made an  offer on the same house. The vendor will sell to the first party to exchange  contracts, ie: it's a race!.<br /><br /><strong>Conveyancer</strong><br />A qualified individual such as a  solicitor or licensed conveyancer who deals with the legal aspects of buying or  selling a property.<br /><br /><strong>Conveyancing</strong><br />Traditional term for the legal  work involved in the purchase and sale of a property.<br /><br /><strong>Covenants</strong><br />Rules and regulations governing the property, contained in its  title deeds or lease.";
	}
	if(letter=="d"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>D</h2><p><strong>Deeds</strong><br />Legal title documents proving  ownership. The deeds will be held by the mortgage lender.<br /><br /><strong>Deposit</strong><br />A sum of money (usually 10%) paid  by the buyer on exchange of contracts.<br /><br /><strong>Detached</strong><br />Term used to describe a property  that stands alone and is separated from all others.<br /><br /><strong>Development</strong><br />A newly built residence or an  older property which has been refurbished and modernised.<br /><br /><strong>Dilapidations</strong><br />Any disrepair or damage to a  rented property.<br /><br /><strong>Disbursements</strong><br />Fees paid by the buyer's  solicitor on the buyer&rsquo;s behalf such as stamp duty, land registry and search  fees.<br /><br /><strong>Discharge</strong><br />Paying off a mortgage.<br /><br /><strong>Draft  Contract</strong><br />Preliminary, unconfirmed version of the contract.";
	}
	if(letter=="e"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>E</h2><p><strong>Early  redemption charge (ERC)</strong><br />A charge made by the lender if  the borrower terminates a mortgage in advance of the terms of the particular  mortgage. Normally occurs when the borrower has benefited from reduced payments  or cash back in the early period of a mortgage.<br /><br /><strong>Endowment  mortgage</strong><br />Interest-only repayments combined  with monthly premiums into an endowment policy designed to pay off the loan at  the end of the term.<br /><br /><strong>Equity</strong><br />The difference between the value  of a property and the amount of mortgage owed.<br /><br /><strong>Excess</strong><br />The initial sum you have to pay  on an insurance claim.<br /><br /><strong>Exchange  of contracts</strong><br />The point at which signed contracts are physically exchanged,  legally committing the buyer and seller to the purchase and sale of a property  at the agreed price.";
	}
	if(letter=="f"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>F</h2><p><strong>Failed  valuation survey</strong><br />When the lender turns down your  mortgage application after the surveyor&rsquo;s valuation report indicates the  property is not worth the sum sought.<br /><br /><strong>Fixed  rate mortgage</strong><br />A mortgage in which the interest  rate is set for an agreed period of time.<br /><br /><strong>Fixtures  &amp; fittings</strong><br />All non-structural items included  in the purchase of a property.<br /><br /><strong>Flexible  mortgage</strong><br />An arrangement whereby you can  increase or decrease your mortgage repayments.<br /><br /><strong>Freehold</strong><br />Technical word for the ownership of the property, meaning that it  belongs to the owner without limitation of time.";
	}
	if(letter=="g"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>G</h2><p><strong>Gazumping</strong><br />This is when a seller accepts a  higher offer from a third party on a property that they have agreed to sell to  someone else, but have not yet exchanged contracts.<br /><br /><strong>Gazundering</strong><br />When a buyer offers the seller a  lower offer just before contracts are about to be exchanged.<br /><br /><strong>Ground  rent</strong><br />The annual charge levied by the  freeholder to the leaseholder.<br /><br /><strong>Guarantor</strong><br />The lender may sometimes require a borrower to appoint a  guarantor. This is someone who promises to pay the borrowers debt if the  borrower defaults.";
	}
	if(letter=="h"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>H</h2><p><strong>Homebuyer's  survey and valuation (house/flat buyer's report)</strong><br />This is a survey report, which is  not as detailed as a structural survey, carried out by a chartered surveyor to  assess the state of a property and its value.<br /><br /><strong>HMO</strong><br />Homes of Multiple Occupancy.";
	}
	if(letter=="i"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>I</h2><p><strong>IFA</strong><br />Independent Financial Advisor.<br />Individual  savings account (ISA) mortgage<br />An interest only mortgage linked  to an Individual Savings Account fund, which is designed to pay off the loan at  the end of the period.<br /><br /><strong>Interest  charges (mortgage)</strong><br />The charges that banks make on a  loan, calculated as a percentage of the amount borrowed.<br /><br /><strong>Interest-only  mortgage</strong><br />There are 2 types of mortgage,  interest-only or capital repayment. Interest-only mortgage stays the same  throughout the mortgage term. Interest and a premium to an investment vehicle  are paid monthly. At the end of the term, the proceeds from the investment  vehicle are intended to repay the mortgage. The amount will depend on the  performance of the investment vehicle. If you choose an interest only mortgage  you will be responsible for ensuring that you have sufficient funds available  to repay your mortgage at the end of the term.<br /><br /><strong>Inventory</strong><br />A list which describes the condition of furnishings and contents  of a leased property at the commencement of the tenancy in order that any  dilapidation during the tenancy can be identified.";
	}
	if(letter=="j"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>J</h2><p><strong>Joint  tenants</strong><br />A form of ownership for two parties whereby if one of them dies,  their share of the property will automatically transfer to the remaining party,  giving them full ownership (regardless of the terms of the deceased owner's  will";
	}
	if(letter=="l"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>L</h2><p><strong>Land registry  fee</strong><br />Paid to the Land Registry to  register ownership of a property.<br /><br /><strong>Lease</strong><br />A legal document by which the  freehold (or leasehold) owner of a property lets the premises or a part of it  to another party for a specified length of time, after the expiry of which  ownership may revert to the freeholder or superior leaseholder.<br /><br /><strong>Leasehold</strong><br />Denotes that the ownership of the  property is by way of a lease.<br /><br /><strong>Lender&rsquo;s  arrangement fees</strong><br />Charge passed on to the buyer by  the lender for arranging a loan.<br /><br /><strong>Lender&rsquo;s  legal fees</strong><br />The fees incurred by the lender  when arranging a mortgage. These costs are passed on to the buyer.<br /><br /><strong>Listed  building</strong><br />One officially listed as being of  special architectural or historic interest, which cannot be demolished or  altered without (local) government consent.<br /><br /><strong>Loan to  value (LTV)</strong><br />The size of the mortgage as a  percentage of the property&rsquo;s value.<br /><br /><strong>Local  authority search</strong><br />Procedure whereby a buyer's solicitor makes an enquiry to the  local council regarding any outstanding enforcement or future development  issues which might affect the property or immediate area.";
	}
	if(letter=="m"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>M</h2><p><strong>Maintenance  charge (or service charge)</strong><br />The cost of repairing and  maintaining external or internal communal parts of a building charged to the  tenant or leaseholder.<br /><br /><strong>Maisonette</strong><br />A property arranged over more  than one floor (ie: a portion of the house).<br /><br /><strong>Mortgage</strong><br />An amount of money advanced by a  lender such as a bank or building society on the security of a property and  repayable over a long period.<br /><br /><strong>Mortgage  deed</strong><br />A legal document relating to the mortgage  lenders interest in the property and containing the terms of the mortgage.<br /><br /><strong>Mortgage  indemnity guarantee (MIG)</strong><br />An insurance policy that mortgage  lenders may require buyers to pay for if their loan is above a specified  proportion of the purchase price.<br /><br /><strong>Mortgage  indemnity premium (MIP)</strong><br />An insurance policy that protects  the lender against default of mortgage repayments. Although the policy benefits  the lender, it is the borrower who usually pays the premium.<br /><br /><strong>Mortgage  payment protection (MPP)</strong><br />This is an insurance designed to  pay your monthly mortgage for a limited period usually a year if you are unable  to work through illness, disability or redundancy.<br /><br /><strong>Mortgage  rate</strong><br />The standard variable interest  rate quoted by all mortgage lenders which normally varies with the Bank of  England base rate. All discounted rates are based on this mortgage rate.<br /><br /><strong>Mortgage  term</strong><br />The period of time over which  (repayment mortgage) or at the end of which (endowment mortgage) the loan is to  be repaid.<br /><br /><strong>Mortgagee</strong><br />The lender of a mortgage (ie: bank or building society).";
	}
	if(letter=="n"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>N</h2><p><strong>Negative  equity</strong><br />When the value of the property  falls to less than the outstanding mortgage.<br /><br /><strong>NHBC  scheme (National House-Building Council)</strong><br />A type of building guarantee available on some newly built homes  under which defects occurring within a specified time after construction are  remedied.";
	}
	if(letter=="o"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>O</h2><p><strong>Offer</strong><br />A sum of money that the buyer  offers to pay for a property.<br /><br /><strong>Offer  of a loan</strong><br />A formal document approving the  mortgage you have requested and detailing the terms and conditions that will  apply.<br /><br /><strong>Ombudsman</strong><br />Independent professional bodies  who investigate complaints on behalf of customers against, for example, estate  agents, solicitors and insurance companies.<br /><br /><strong>Open  market value</strong><br />The price a property would achieve when there is a willing buyer  and willing seller.";
	}
	if(letter=="p"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>P</h2><p><strong>Payment  break</strong><br />An option on flexible mortgages  that allows you to stop making mortgage payments for up to 6 months.<br /><br /><strong>Penalties</strong><br />Costs that may be incurred if the  borrower repays the loan too early or switches between lenders.<br /><br /><strong>Peppercorn  ground rent</strong><br />A nominal periodic rent usually  paid annually.<br /><br /><strong>Pied a  terre</strong><br />A property kept for temporary  secondary or occasional occupation.<br /><br /><strong>Preliminary  enquiries</strong><br />The initial enquiries about a  property put forward to a seller which the seller must answer before the  exchange of contracts.<br /><br /><strong>Premium</strong><br />The monthly amount payable for an  insurance policy.<br /><br /><strong>Premium  lease</strong><br />Lump sum paid up front as rental  for a property.<br /><br /><strong>Principal</strong><br />The sum of the loan on which  interest is calculated.<br /><br /><strong>Public  liability insurance</strong><br />Insurance which covers injury or  death to anyone on or around your property.<br /><br /><strong>Purchaser</strong><br />A person who is buying a property.";
	}
	if(letter=="r"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>R</h2><p><strong>Redemption</strong><br />When a mortgage is fully repaid.<br /><br /><strong>Re-mortgage</strong><br />Refinancing a property by either  switching a mortgage from one lender to another or by taking out a second  mortgage to draw down any equity gained by a rise in value.<br /><br /><strong>Repayment  mortgage</strong><br />A mortgage repaid by way of  monthly repayments of capital combined with interest.<br /><br /><strong>Repossession</strong><br />When the mortgage lender takes  possession of your property due to non-payment of the mortgage.<br /><br /><strong>Retention</strong><br />Holding back part of a mortgage loan until repairs or specified  works to the property are satisfactorily completed.";
	}
	if(letter=="s"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>S</h2><p><strong>Search</strong><br />A request or enquiry for  information concerning the property held by a local authority or by the land  registry.<br /><br /><strong>Semi-detached</strong><br />A property which is joined to one  other house.<br /><br /><strong>Service  charge</strong><br />See Maintenance Charge.<br /><br /><strong>Sole  agent</strong><br />When a seller chooses only one  estate agent to sell their home.<br /><strong>Solicitor</strong><br />Legal expert handling all documentation  for the sale or purchase of a property.<br /><br /><strong>Stamp  duty</strong><br />A tax paid by purchasers of  properties with a value in excess of &pound;125,000, of between 1% and 4% depending  on value.<br /><br /><strong>Structural  survey</strong><br />See Building survey.<br /><br /><strong>Studio  Flat</strong><br />A flat consisting of one main  room or open-plan living area incorporating cooking and sleeping facilities and  a separate bathroom/shower room.<br /><br /><strong>Subject  to Contract</strong><br />Words to indicate that an  agreement is not yet legally binding.<br /><br /><strong>Surveyor</strong><br />Professionally-qualified expert who carries out the survey.";
	}
	if(letter=="t"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>T</h2><p><strong>Tenancy</strong><br />A temporary possession of a  property by a tenant.<br /><br /><strong>Tenancy  agreement</strong><br />A legal agreement designed to  protect the rights of the tenant and landlord and setting out all the terms and  conditions of the rental arrangements.<br /><br /><strong>Tenant</strong><br />A person who has temporary  possession of a property.<br /><br /><strong>Tenants  in common</strong><br />A form of ownership by two or  more people in which if one of them dies, their share of the property forms  part of their estate and does not automatically pass to the other(s).<br /><br /><strong>Tenure</strong><br />Conditions on which a property is  held (ie: length of lease).<br /><br /><strong>Terraced  house</strong><br />A property which forms part of a  connected row of houses.<br /><br /><strong>Title  deeds</strong><br />Documents showing the legal  ownership of a property.<br /><br /><strong>Transfer  deeds</strong><br />The land registry document that transfers legal ownership from  seller to buyer.";
	}
	if(letter=="u"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>U</h2><p><strong>Under  offer</strong><br />The status of a property for sale, when a seller has accepted an  offer from a purchaser but prior to exchange of contracts.";
	}
	if(letter=="v"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>V</h2><p><strong>Valuation</strong><br />A basic survey of a property to  estimate its value for mortgage purposes. Mortgage lenders will insist on this  before lending.<br /><br /><strong>Variable  base Rate</strong><br />The basic rate of interest  charged on a mortgage. This may change in reaction to market conditions, so  your monthly payments can go up or down.<br /><br /><strong>Vendor</strong><br />The legal name for a person selling a property.";
	}
	if(letter=="y"){
document.getElementById("alltext").innerHTML = "<h2 align='center'>Y</h2><p><strong>Yield</strong><br />Income from a property calculated as a percentage of it's value.";
	}
}