Jargon Buster - Definition of Mortgages

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are loans that are taken out to pay for business and residential properties. Mortgages are usually offered by banks and building societies and can be set on a variety of repayment options. Mortgages are repaid over a term (number of years/months) and will include interest within the repayments.

There are a variety of mortgage repayments types including:

  • Interest Only
  • Capital Repayment
  • Base Rate Tracker
  • Capped Rate
  • Endowments
  • Fixed Rate
  • Offset Mortgages
  • Variable Rate

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

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