Glossary


Product – This the name or short description the lender has given this particular deal

Type – The type of interest rate deal that this product is

Period – How long the interest rate deal for this product lasts

Initial % – The interest rate charged during the initial period

Initial £ – How much the monthly repayments will be during the initial period

Revert % – The interest rate charged after the initial period (usually the lenders standard variable rate and subject to change during and after the initial period)

Revert £ – How much the monthly repayments will be after the initial period (usually the lenders standard variable rate and subject to change during and after the initial period)

APR – The annualised percentage rate, a figure that takes into account the interest rate, fees and charges during the first year to give a more true reflection of the overall cost for comparison

ERC – Early repayment charges, how much you will be charged for paying-off the mortgage before a certain date (usually before the initial period has ended)

Fees – Fees charged by the lender for arranging that particular mortgage

HLC – Higher lending charge, if borrowing a high percentage of the property value or purchase price a lender may impose this charge which is usually to pay for an insurance policy to help protect the lender from the increased risk

Cashback – A cash sum the lender provides you with on completion of the mortgage to help with other costs

TTP – Total to pay. Shows the total amount paid for a particular deal based on current rates over a 3 year period. Can offer a more accurate comparison between products than APR alone

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