|Accident, Sickness, Unemployment (ASU)||
This is a protection policy designed to provide a regular income to pay your mortgage should you become unemployed or be unable to work due to accident or sickness.
An applicant’s ability to repay the mortgage/remortgage. Income and affordability calculations are used by mortgage lenders to access affordability of the loan.
|Agreement in Principle (AIP)||
A lender agrees to advance moneys conditional upon the verification of the borrower’s details. This is obtained before mortgage underwriting commences and is sometimes referred to a Decision in Principle (DIP).
|Annual Percentage Rate (APR)||
The overall cost of a loan taking into account the term, interest rate and other costs.
A charge levied by the lender to cover the costs of administering and reserving the funds for certain types of mortgage. May be paid separately or added to the loan amount.