Secured loans glossary

Glossary Bank Base Rate ・This is the interest rate set by the Bank of England for lending to other banks.
Collateral ・This is a security pledged for loan repayment.
Fixed rate ・An interest rate that is preset at the beginning and does not change during the term of the loan.
Further advance ・This is when you register a further bond over your property to get additional funds.
Mortgage - A property pledge that is used as security for loan repayment.
Variable rate ・An interest rate that goes up or down depending on money market interest rates.

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