A financial institution owned by its members as a mutual organisation, being a mutual means that we are owned and run for the benefit of our many members.

An account which pays a monthly interest to you potentially providing an “income”.

The minimum balance is the lowest amount you can have in the account before the bank or building society closes it. Often this can differ from the minimum amount required to open the account.

The maximum amount you can invest in an account as specified in its key product information.

The day when an account reaches the end of its fixed term.

The amount of time you are taking the mortgage out for – 25 years, for example.

Insurance that covers your mortgage, usually for a year, if you are unable to work due to accident, sickness or unemployment. It is also known as ASU insurance.

A formal contract between lender and borrower, outlining the legal obligations of the borrower and the rights the lender has if the borrower fails to make a repayment.

See ‘agreement in principle’.

The amount you pay your mortgage lender each month. If you’re on a repayment mortgage (the most common kind), the payment will cover a percentage of your mortgage plus interest.