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Annual bonus

The mortgage definition for Annual bonus:

A bonus paid annually on an endowment mortgage which is dependent on the performance of the investment fund you are using to repay your mortgage.

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Annual mortgagor statement

Annual mortgagor statement
A yearly statement to borrowers that details the remaining principal and amounts paid for taxes and interest.

Annual Percentage Rate

Annual Percentage Rate
This is an indicator used to compare interest rates. It takes into account the costs involved in setting up the mortgage, any discount periods, how often interest is calculated and calculates what the average rate of interest will be over the life of the loan. All lenders that comply with the consumer credit act must ensure that the the borrower is informed of the APR.

Annualised payment scheme

Annualised payment scheme
Although the borrower pays interest at a variable rate, which can change from month to month, the lender charges a set amount of interest each month and then adjusts the balance at the end of the year.

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