Property adverts, mortgage conversations and legal paperwork can use the same short forms in different ways. This practical glossary explains a selection of common terms in plain English. It is not an exhaustive A–Z list: abbreviations are not always standard, and their meaning can depend on the document, agent or jurisdiction. If a term affects a purchase, tenancy or finance decision, ask the relevant professional to confirm it in writing.
Listings and home descriptions
DG means double glazing; GCH usually means gas central heating; FF commonly means furnished; GF often means ground floor. These are listing shorthand, not a complete specification. Ask what is included, whether the heating works and what the energy documents say. EPC is an Energy Performance Certificate, which records a property’s energy rating and related information. Check the current certificate and its date rather than relying on a listing abbreviation.
OIEO means “offers in excess of”; OIRO means “offers in the region of”; POA means “price on application”. They describe how an asking price is presented, not a valuation or promise that an offer will be accepted. “Vacant possession” (VP) generally means the buyer is to receive the property free of occupants and certain interests on completion; the contract and conveyancer’s advice determine the practical effect.
Buying and mortgages
AIP, DIP and MIP are commonly used for an agreement, decision or mortgage in principle. A lender’s initial indication is not a final mortgage offer and does not guarantee that it will lend against a particular property. The lender still needs to assess the full application and the property. Names, checks and validity periods vary between providers.
FTB means first-time buyer, but the definition used for a mortgage product, tax relief or scheme may differ. Confirm the rules for the specific product or transaction. LTV means loan-to-value: the loan amount compared with the property value used by the lender. A lower LTV is not by itself proof that a mortgage is affordable or suitable; rates, fees, income checks and other terms also matter.
SSTC means “sold subject to contract”. It signals that a sale has been agreed in principle, but it is not the same as legal completion. In England and Wales, the transaction normally becomes binding at exchange of contracts; Scotland has a different process. A conveyancer can explain the stage and obligations in the relevant nation. FH means freehold and LH means leasehold, but the rights and responsibilities attached to a particular title must be checked in its legal documents.
Renting and investment language
PRS means private rented sector. HMO means house in multiple occupation, a term with legal tests and licensing rules that can vary by nation and local authority. Do not assume a property is or is not an HMO from the number of bedrooms alone; check the applicable local rules.
AST means assured shorthold tenancy, a historic term still found in older paperwork. In England, covered assured shorthold tenancies became assured periodic tenancies (APT) on 1 May 2026 under the Renters’ Rights changes. Scotland, Wales and Northern Ireland have different tenancy systems. Read the current official guidance for the property’s location before relying on a tenancy label.
BTL is buy-to-let. BTR is Build to Rent, a purpose-designed rental model often operated as a single portfolio. Gross rental yield is commonly expressed as annual rent compared with purchase price, before expenses; published calculations can use different assumptions. ROI (return on investment) is a broad label, not one standard calculation. GDV (gross development value) is an estimate of a development’s value when complete, not a guaranteed sale price or profit. Treat forecasts as estimates and examine costs, funding, timing and risk separately.
Taxes and other references
SDLT is Stamp Duty Land Tax and applies to qualifying property transactions in England and Northern Ireland. Scotland uses Land and Buildings Transaction Tax (LBTT); Wales uses Land Transaction Tax (LTT). Rules, thresholds, reliefs and surcharges can change, so use the tax authority’s current guidance for the property’s location and completion date. HPI means House Price Index; always check which index, geography and period a reported figure covers. SVR means standard variable rate, a lender’s variable mortgage rate whose terms can change.
Use this page as a translation aid, not legal, tax, mortgage or investment advice. Check primary documents and current official sources. Further reading: https://www.gov.uk/assured-tenancy-agreements-a-guide-for-landlords ; https://www.moneyhelper.org.uk/en/blog/buy-or-rent-a-home/what-happens-when-i-get-a-mortgage-in-principle ; https://www.gov.uk/stamp-duty-land-tax/overview.html