Annual rest UK mortgage definition

UK Mortgage definition

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Annual rest

A common method of accounting for interest due on a mortgage. Under the Annual rest method, the lender charges a full year's interest to the account annually If a part capital repayment is then made the account is adjusted accordingly at the next review period.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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