Reference
Find plain-English definitions, see where each term appears in our guides, and jump straight to what you need.
19 terms shown
AER is the headline yearly return on a savings account after compounding is included.
It helps you compare savings accounts fairly. If one account advertises monthly interest and another advertises yearly interest, AER puts them on the same basis.
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An AIP is an early lender signal of what you may be able to borrow before full underwriting.
It can strengthen your position when viewing or offering, but it is not a guarantee. You can still be declined later after full checks.
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APRC is a combined cost measure that includes interest plus certain fees.
It is useful for high-level comparison, but if you expect to remortgage in two to five years, you should still compare costs over your likely hold period.
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The BOE is the UK central bank responsible for monetary policy, including the Bank Rate.
When BOE rate expectations move, mortgage pricing and affordability assumptions often move as well, which can change your monthly cost decisions.
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CPI is a UK inflation measure tracking how the price of a typical basket of goods and services changes over time.
It gives you a benchmark for whether your savings growth is keeping pace with rising costs in real terms.
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CPIH is an inflation measure similar to CPI, but it also includes housing-related owner-occupier costs.
If your plan is long-term, CPIH can be a useful benchmark when checking whether projected returns are growing beyond inflation.
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An ERC is a penalty fee some lenders charge if you repay or switch your deal too early.
A deal with a low rate can still be poor value if your plans may change and the ERC is high.
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The FCA is the main UK regulator for financial firms and consumer protection rules.
Lender affordability rules and many mortgage process standards sit within the FCA framework, which affects what you can borrow and how firms treat customers.
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The FPC is a Bank of England committee focused on keeping the UK financial system stable.
Its recommendations can influence market-wide mortgage risk rules and shape how strict lending conditions are.
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FSCS is the UK safety-net scheme that can compensate eligible customers if a regulated firm fails.
If you are building savings for a deposit, firm failure protection is part of risk management, not just rate hunting.
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A GIA is a standard investment account that is not an ISA wrapper, so returns may be taxable depending on your circumstances.
If you have already used your ISA allowance, a GIA can still be useful for extra investing, but tax treatment should be factored into comparisons.
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HMRC is the UK tax authority that runs tax rules and reporting.
ISA tax treatment and property-related tax rules are tied to HMRC-administered systems.
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An ISA is a UK account wrapper that lets eligible savings or investments grow tax-efficiently.
For deposit planning, how you split cash between ISA types can change growth, flexibility, and penalty risk.
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A LISA is a specific ISA with a government bonus, but strict eligibility and withdrawal rules.
The bonus can significantly boost deposit growth, but non-qualifying withdrawals can reduce what you take out.
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LTI compares the mortgage amount against your income.
A higher LTI can mean tighter lender scrutiny even if your monthly budget seems manageable.
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LTV is the percentage of a property's value you are borrowing as a mortgage.
Small deposit changes can move you into a new LTV band, which can affect rate, lender choice, and monthly cost.
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ONS is the UK body that publishes official data such as house price and earnings statistics.
These data points provide market context for planning, but they do not replace personal affordability checks.
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SDLT is the property purchase tax used in England and Northern Ireland.
It can be a large upfront cost, so it should be planned alongside your deposit and legal fees.
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SVR is the lender's default variable rate that often applies after your initial deal ends.
If you do not remortgage in time, payment costs can rise materially when your loan reverts to SVR.
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