APRC - Annual Percentage Rate of Charge
An indicative guide to help you compare the cost of different mortgage deals, taking account of interest rates payable (both during the initial product period and after) and fees.
BoEBR - Bank of England Base Rate
The interest rate at which the Bank of England will lend to the UK banking sector. Set by the Bank’s Monetary Policy Committee (MPC). Also sometimes referred to as the Bank Base Rate (BBR).
DIP - Decision in Principle
A means of collecting key information from prospective borrowers to provide an indication as to whether the Society can accomodate their mortgage needs.
MIL - Mortgage Illustration
A document which must be provided by all mortgage lenders to prospective customers before a mortgage application is submitted. This includes details of rate payments, fees, charges and features.
LTV - Loan-to-Value
The amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
BMVR - Buy to Let Mortgage Variable Rate
BMVR was introduced on 14 November 2012. This is the variable rate we normally apply after one of our product incentive deals ends. It is a different interest rate to the Society’s Buy to Let Standard Variable Rate (BSVR), although both are set by the Society. These two interest rates may change by different amounts and at different times. The BMVR does not have any ceiling.
Please see our Mortgages jargon buster for further assistance with mortgage vocabulary.