An account with a building society or a bank in which you save money and are paid interest on the amount you save.
A secured loan is a loan that is backed by assets belonging to the borrower, normally your home. This reduces the risk for the lender and may enable the borrower to obtain better terms for the loan. However if the borrower fails to keep up repayments on the loan then the lender could seek to use the assets that the loan is secured against to repay the outstanding debt. An unsecured loan is not backed by any assets belonging to the borrower.
Interactions among people in which they create, share, and/or exchange information and ideas in virtual communities and networks through an internet connection.
A six-digit number that identifies a building society or bank.
Stamp Duty Land Tax
The one-off tax you would need to pay the Government when you purchase your property if it’s over a certain value.
The stamp duty system works like income tax, where you get a tax-free allowance, and then pay a different rate of tax for each portion of the property price above that allowance.
Currently the rate is 2% on the value of the property over £125,000 but less than £250,000; 5% on the value between £250,001 and £925,000; 10% on the value between £925,001 and £1.5 million; 12% on the value over £1.5 million.
Standard Mortgage Rate
A variable rate, which is not subject to any upper limit or a cap and allows you the flexibility to make overpayments without incurring an early repayment charge.
The Standard Mortgage Rate is not available for new mortgage deals and only applies to customers coming to the end of their deal where the product was reserved on or after the 30 April 2009. The Standard Mortgage Rate is not available for new mortgage deals and only applies to customers coming to the end of their deal where the product was reserved on or after the 30 April 2009.
An agreement with your building society or bank to make regular payments of a set amount of money from your account to another person or company.
Living in a way that minimises the cost to the environment.
An inspection of the property by a qualified surveyor carried out before buying a property.
When a customer switches from one product to another with the same provider.
Switch and Fix (mortgage)
Our tracker products offer the option to switch to a fixed rate within our 'Switch and Fix' range at any point in the deal period, without paying Early Repayment Charges on the tracker mortgage.