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UNIT 2: Topic 10 (10.3 The productsHigh (10.3.1 Mortages (Long-term loans…
UNIT 2: Topic 10
10.3 The productsHigh
10.3.1 Mortages
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Variable rate means interest will change through the mortgage depending on base rates, or the lenders preference
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10.3.2 Personal loans
Offered by banks, building societies and finance companies.
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10.3.4 Credit cards
Revolving credit,no set term.
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10.2 Borrowing in the UK
Interest is charged so that that the bank can pay the running costs of the business, the cost of raising the money in the first place and providing extra cash a a reserve.
Loans also present risk, a credit rating of the borrower helps assess this.
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