Glossary

Portable Loans/Portability

A portable loan allows you to sell your house and move to a new one without having to refinance. This saves application and legal fees. Most lenders however insist that the loan amount is the same or less. Make sure you know the terms of your loan.

Principal

The capital sum borrowed.

Principal & Interest

A loan where both the principal and interest are repaid together on a regular basis, mostly by monthly instalments (P&I).