Glossary
Table mortgage
A loan that is paid back by making regular payments of fixed amounts. Each payment pays back part of both the interest and the capital. Under a floating rate mortgage, when interest rates change, you have the option of maintaining the level of payment and varying the term of the loan or maintaining the term of the loan and varying the payment. Under a fixed rate mortgage you may elect to change the level of payment but there is usually a charge associated with this.
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Here you'll find explanations of the many financial terms used throughout the Sorted website.
