What is your bank manager talking about?
A mortgage with which you repay part of the debt each month, plus interest on the amount of loan outstanding. At the end of the mortgage term you will automatically have paid off the mortgage in full.
A mortgage offered on the basis of you stating what your likely income will be, rather than providing documentary evidence. But you may have to ask an accountant to back up your statement. They are designed for those such as the self-employed or contract workers who can’t prove their earnings via regular payslips.
The standard mortgage interest rate charged by a lender, which varies in line with interest rates generally. (The rate varies from lender to lender).
The amount you can earn before paying income tax.
The rate automatically falls and rises in tandem with the official Bank of England interest rate (so you benefit quickly from a fall in interest rates).
A loan for which you don’t have to put up an asset -such as your home- as security that the loan will be repaid.
The rate rises or falls according to the lender’s own interest levels (these in turn are usually influenced by changes in the Bank of England Base Rate).
For more on mortgages, go to our Mortgage pages
For more on property, buying and selling and finances, go to our Property & Money pages
Check out the mortgage calculator, loans, credit cards & savings comparison tools
Compare current rates on loans, savings accounts, credit cards & mortgages with this handy tool
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