Glossary

General conditions
The standard conditions applied to a mortgage, set out in the paperwork issued to a borrower.

Geographical restrictions
Some lenders, typically smaller ones, only lend on properties in their local area.

Gross annual income
Total income received per year before taxes are deducted. This will include bonuses, overtime, dividends etc.

Gross monthly payment
This term used to be used to define the monthly mortgage payment before the deduction for MIRAS tax relief. Even though MIRAS was abolished in April 2000, Gross Monthly Payment is still sometimes used simply to define the amount a borrower pays each month towards their mortgage.

Guarantor
A person, often a parent or relative of a borrower, who guarantees that mortgage repayments are made in the event that the borrower defaults. Guarantors should seek legal advice about the financial commitments and obligations involved.