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| AER |
Annual
Equivalent Rate.
A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once each year.
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| APR |
Annual
Percentage Rate. A formula intended to estimate the real cost of borrowing so that you can compare different products on the market. It takes into account most set up and ongoing costs of a mortgage or loan. |
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| ASU |
Accident, Sickness and Unemployment insurance. Covers your monthly mortgage repayments should you fall ill or be made redundant. |
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| Acrobat
Reader |
A
piece of computer software created by Adobe Systems Incorporated
that allows users to read Portable Document Format (PDF) files.
PDF files are very useful as they allow text and graphics to
keep their layout and formatting whilst keeping download times
short. You can download and install Acrobat Reader using the
Quick Links menu at the bottom of every page. |
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| Additional Borrowing |
Previously referred to as Further Advance. Borrowers may be able to have Additional Borrowing to finance home improvements, to purchase a car, boat etc or for debt consolidation. |
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| Agreement in Principle |
Agreement from the lender that the mortgage is approved on the information provided, subject to satisfactory references and Valuation Report being received. |
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Annual
Mortgage
Statement |
In the early part of December the Society sends to all borrowers a full statement of their mortgage account showing all payments received and all charges made. |
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| Application Fee |
Some of our mortgage products have a £50 application fee. This is payable up front and is non-refundable. It covers the administration costs relating to the application. Existing members are not required to pay an application fee and will receive one free standard valuation. |
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