The mortgage definition for Standing order:
A regular payment for a fixed amount that you can ask us to make from your account to another specified account.
Outstanding balanceOutstanding balance
The amount to be repaid at any point in time.
Standing mortgageStanding mortgage
An interest only mortgage where no arrangements are made at the outset for the repayment of the loan. If a specific investment vehicle has not been arranged to provide funds for this purpose, the borrower will have to repay the loan by some other means. If the capital is not repaid, the lender can repossess the property and sell it to recover as much of the debt as possible.
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