Glossary

Instalment

A sum of money payable as one of several equal payments for something, spread over an agreed period of time.

Interest

Interest can be used in two ways. One use of it is the amount you earn from savings and investments. Interest can also be money you pay to borrow money, and is usually expressed as a percentage of the amount borrowed. Interest is normally included in the total cost of borrowing.

Interest Rate

Rate refers to the level of interest charged by a lender, and is usually expressed as an Annual Percentage Rate (APR).

When you borrow money, the lender makes a charge known as interest. For example, if you borrow ghs100 at an interest rate of 10% for one year, you would have to repay ghs110 at the end of the year. We offer one of the most competitive interest rates on the market and we offer the same rate to all our customers. We won't advertise one rate and ask you to pay another.

Interest-only mortgage

This is a type of mortgage that allows you to pay just the interest charged each month for the term of the loan. You don’t have to repay the amount you’ve borrowed until the end of the term.