Know your flexible mortgages from your fixed rate? Your exclusions from your excess? Find out below...
This gives you a set percentage off your mortgage lender’s standard variable rate for a fixed period (usually two to five years).
When you claim on your insurance, this is the amount you agree to pay before your insurer pays the rest of the bill (for instance, the first £50 of a claim).
A type of mortgage for those who already own their home outright, but want to tap into its value as security to borrow money.
Things that your insurance will not cover and that you will have to pay for yourself.
A loan where the interest rate stays the same for a set period. There is usually a penalty if you wish to end it early.
The mortgage that allows you overpay (when you are feeling flush), underpay or take payment holiday (when you are feeling skint), borrow money back that you’ve already repaid on the mortgage rate (a bit like a personal loan). The interest is usually calculated daily or monthly so you get maximum benefit to any contributions you make.
When you own the property as well as the land it is built on.
The interest you earn on your savings before income tax is deducted.
A tax payable on money, property investments and other assets you might inherit at the time of someone’s death (or were given in the seven years preceding their death).
You only pay the monthly interest on your mortgage, none of the capital borrowed. With most, you also have to put money into an investment scheme that you can use to pay off whole mortgage at the end of its term (and hopefully leave you with a bit extra).
For more on mortgages, go to our Mortgage pages
For more on property, buying and selling and finances, go to our Property & Money pages
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