Explore our handy Jargon Buster to see the definition
When making a claim on an insurance policy, the amount you agree to pay before your insurer will pay out anything.
The degree by which share prices in a particular market or sector go up or down over a specified period.
A form of indirect taxation levied on goods and services at the point of sale.
The interest rate that a lender charges on a loan or mortgage. This can go down as well as up, which means that your repayments can do the same.
Relating to mortgages, an independent check of a property by an approved surveyor to help a lender establish how much the property is worth and how much they are prepared to lend.