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Abacus-money Jargon


Income Multipliers

Determines, in most cases but not always, how much you can borrow. The industry average is three times the gross salary of the first applicant plus one times the second, or two-and-a-half times the joint salaries, if this produces more.

Income Reference

The lenders will usually write for an income statement from your employer.

Interest Only Mortgage

A mortgage where you only pay the interest charges of the loan each month. This means you are not reducing the loan amount (or capital) itself, and this will need to be repaid in some other way. We cannot give advice in regards to investment products.


A company which matches borrowers with lenders, as well as undertaking a certain amount of application processing. Typically an intermediary will receive a fee directly from the lender for these services.


A savings plan designed to grow tax-free and can be used to repay an "interest only" mortgage. We cannot give advice on ISAs.