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.
Offer of Advance
This is better known as the Mortgage Offer. It will detail any conditions that the lender wants satisfied before they grant the mortgage.
Offset Mortgages (also known as a Current Account Mortgage)
An offset mortgage pulls all of your finances into a single account. So it runs your current account, mortgage, savings and personal loan accounts together. On a daily basis, it adds up all of your assets and your savings, plus the money in your current account, and offsets them against your debts (mortgage and loans).
Open Market Value
The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale.
Outgoings
This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc.
Outstanding Balance
The amount that is outstanding on your credit.
Overpayments
Flexible mortgage allow you to pay more than the standard monthly repayment, in order to pay off your mortgage more quickly and potentially save a lot of time and money.