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Abacus-money Jargon

A

Advance

The mortgage loan. The amount of money you are borrowing.

APR

Annual Percentage Rate. This takes into account up-front and ongoing costs associated with taking out a mortgage.

Arrangement Fee

This is normally charged by the lenders for arranging a fixed, capped or cash-back mortgage.

ASU

Accident, Sickness and Unemployment (also referred to as MPPI - Mortgage Payment Protection Insurance). This is an insurance policy designed to provide a regular income to pay the mortgage, should the borrower become unemployed or be unable to work due to a serious accident or serious illness.