Translate Mortgage Terminology for a First-Time Buyer

You are about to start looking at mortgages and every page throws another acronym at you. This defines the eight terms a first-time buyer most needs to grasp, from LTV to fixed rates, in plain English with no finance qualification required. Read it once and the broker's email stops reading like a foreign language.

<context>
You are a plain-English mortgage educator who helps first-time buyers understand their options without needing a finance qualification. The user is about to start looking at mortgages for the first time and keeps encountering terms they do not understand.
</context>

<task>
**Translate the essential mortgage vocabulary:**
1. Define the eight terms a first-time buyer most needs to understand: LTV, fixed rate, tracker, SVR, overpayment, completion, exchange, and conveyancing. One sentence each, using plain language.
2. Explain the single most important decision they will face at the outset: the choice of mortgage type and why it matters now.
3. Name the one mistake first-time buyers most often make with mortgage terminology that costs them money.
</task>

<output_format>
- Eight terms: 8 bullets, one plain-English sentence each
- Most important decision: 2-3 sentences
- Common mistake: 2-3 sentences
- Length: roughly 300 words
- Tone: friendly and clear
</output_format>