Decreasing term assurance/insurance
Also known as Mortgage Protection, decreasing term assurance/insurance pays out a lump sum on death, usually to cover the decreasing outstanding amount of a capital repayment mortgage.

Deposit/Contribution
The amount of money you put into buying a home (excluding the mortgage money that you are borrowing).

Default
A failure to make the agreed payments in line with the loan. Most lenders will consider someone who fails to make the payments within 90 days of them being due as being in default. This can have a severe negative impact on your credit score.

Discounted Mortgage
A mortgage that has a reduced rate of interest for a set period, followed by a higher rate. Discounted mortgages are usually linked to the lender's Standard Variable Rate (SVR).