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Additional Borrowing
Further borrowing secured against your property, in addition to your initial mortgage advance
Agreement in Principle
A document which some mortgage lenders will give you that shows the amount they will probably be prepared to lend you. This is not a guarantee, but can be helpful when signing up with estate agents.
Annual Percentage Rate (APR)
The interest payable on what you have borrowed is added up along with other charges (e.g. arrangement fees) and then expressed as an annual rate of charge. The APR helps you compare the true cost of borrowing, for example, across different mortgages and lenders. The APR takes into account all fees and charges applied to the mortgage as well as the monthly payments over the life of the loan.
Arrears
The term used when falling behind on your mortgage payments
Asking Price
The price the seller is asking for the property.
Got a more specific question? Try our Mortgages help section Or give us a call on 01509 631950
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