The PRA is a part of the Bank of England and is a regulatory body responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.

The amount of interest you can earn on your savings without paying tax. Your allowance depends on whether you’re a basic, higher or additional-rate tax payer. Interest from ISAs doesn’t count towards this allowance.

When a notice period applies to an account a penalty may be incurred for an immediate withdrawal or the closure of an account, subject to the account terms. The penalty would usually be calculated on the amount withdrawn.

Generally issued by building societies, you’d use a pass book to make withdrawals or to pay into your account. All the transactions are printed into the pass book, giving you a handy, instant reference.

The fee payable to obtain a particular product. Where fees are chargeable on any mortgage product, this will be clearly stated on any promotional items and the Key Facts Illustration. In some circumstances, this fee can be added to the loan, however, if you chose to do this you will pay interest on the sum […]

The term used to describe transferring your current mortgage rate from one property to another when you sell your property and buy another. This is subject to terms and conditions.

A portable mortgage allows you to transfer your borrowing from one property to another if you move, without paying arrangement fees.