Mortgage – This is a loan specifically to buy a property and secured on that property. Most people will need to take out a mortgage when purchasing a property.
Simultaneous exchange of contracts and completion
This is where contracts are exchanged on the same day that you complete your legal sale or purchase of property. This is not recommended unless absolutely necessary, as until contracts are exchanged either party can change their mind, leaving either seller or buyer with no legal recourse if the other party changes their mind at the last minute.
A simultaneous exchange of contracts and completion cannot take place where a Help to Buy
equity mortgage is being obtained.