This is the amount of money in an account. This could be either a credit balance (money you own) on a savings account, or a debit balance (money you owe) for a mortgage or a loan.
AER stands for the annual equivalent rate and shows what the interest rate would be if interest was paid and added to the capital balance each year.
Our lending decision is based on a full affordability assessment. We will assess if the mortgage is affordable based on your income, loan/credit card commitments and regular, and essential household spending. You can use our online affordability calculator to work out how much you may be able to borrow.
Affordability checks are carried out by a lender to determine the actual amount you can borrow. This depends on your personal circumstances such as your income and expenditure, however, the actual amount that you can borrow may differ between lenders.
A percentage representation of the interest and charges you will pay each year over the term of the loan, based on interest rates at the time of the quote. You can use it to compare different quotes.
When someone is in 'arrears' they have missed payments that they should have made towards their mortgage or debt.
Assets are things that a person or company owns, such as a house or money.