Jargon Buster
A glossary of commonly used consumer finance terms
Within all aspects of consumer finance: Mortgages, Loans, Credit Cards or Savings the use of jargon and accepted industry terms is widespread. Our comprehensive jargon buster explains what those terms mean in an effort to demystify consumer finance.
Maturity
When a bond or savings account reaches its agreed term.
Minimum Payment
The minimum amount of money you need to pay to the credit card provider each month.
Monthly Repayment
This is the amount you pay our lender each month toward the cost of the credit they have given you.
Mortgage
The name given to the financial product used to buy property. It is a loan that is secured against land and buildings.
Mortgage Broker
A third party individual who attempts to find the best available financial products on behalf of an individual.
Mortgage Code
The regulations that govern mortgage provider, as set out by the Financial Services Authority (FSA).
Mortgage Deed
Legal document establishing a loan on property.
Mortgage Indemnity Guarantee
See Higher Lending Charge.
Mortgage Term
Is the length of time before the mortgage loan must be repaid.
Mortgage Payment Protection Insurance (MPPI)
This is an insurance cover to protect your mortgage payments.