The Tax on Your Salary - 2011-12. On January 9th 1799 the Prime Minister, William Pitt, introduced income tax to pay for the Napoleonic war at the swingeing rate of 0.83% for people earning Â£60 or more.
Basically, an ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it generally gives you a lower interest rate initially. The risk is that the interest rate most likely will go up, which in turn will make your monthly payments rise.
You don't know when or where it's going to move, but you're pretty sure you're not going to like it. The ARM is a mortgage loan type where the rate is a little lower than a conventional mortgage, but that's just to bait you into it. Once a certain amount of time passes, the rate changes based on the market.