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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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Home Equity Line of Credit HELOC

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A flexible mortgage type that can be particularly useful for those doing extensive renovations and requiring staged payments. The lender will agree a total amount of borrowing that they will allow the borrower to take bits of the total at whichever interval suits their circumstances. In most cases interest will only be payable on the amount drawn down.

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