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You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A
to Z for terms beginning with that letter
F
Floor limit
every shop or outlet has an individual
floor limit. This means that purchases which cost more
than this limit must be authorised with the card issuer
for payment to be guaranteed.
G
Grace period
the period of time, generally 20 to
25 days, from the billing date of your last credit card
bill to the due date of your current bill, when you
can pay in full without being charged interest.
H
I
Introductory rate
various credit cards offer a low introductory
rate that switches to a higher variable or fixed rate
in order to attract customers. It could be described
as a special offer, or discount. Be aware that the introductory
rate for some cards may be very different to the actual
standard rate.
J
Joint account
an account that is opened in the names
of more than one person. By setting up a joint account,
you are accepting responsibility for each other's debts
- if your partner runs up debts on the account, you
have equal responsibility for repaying them.
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