Glossary

Debt - A situation in which an individual or other entity owes something to another individual or entity.

Debt Consolidation - The process of taking over several outstanding debts with the proceeds from a single loan, therefore making the repayment schedule easier to manage.

Deposit - An initial sum of money paid by the buyer to the seller of a property in order to help secure the deal.

Discharged Bankrupt - An individual who is discharged from bankruptcy and is able to apply for credit again.

Discount Period - A period of time during which the interest rate on a mortgage is discounted.

Discount Rate - The interest rate charged on a Mortgage during the discount period.

Draw Down Facility - A mortgage that enables a borrower to draw down on their equity up to an agreed limit.