Glossary

Bank Base Rate – This is the interest rate set by the Bank of England for lending to other banks.

Collateral – This is a security pledged for loan repayment.

Fixed rate – An interest rate that is preset at the beginning and does not change during the term of the loan.

Further advance – This is when you register a further bond over your property to get additional funds.

Mortgage - A property pledge that is used as security for loan repayment.

Variable rate – An interest rate that goes up or down depending on money market interest rates.

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