Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
If you cannot find an explanation for the term you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.
Daily Interest or Daily Rest
Interest is calculated on the balance outstanding each day. So, when you make a payment, interest is calculated on the new balance straightaway. This is usually better than Annual interest or Monthly interest, especially if the mortgage is on a Capital and Interest basis.
See Also
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