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.
Acceleration clause â The clause in a mortgage or trust deed that stipulates the entire debt is due immediately if the mortgagee defaults under the terms of the contract. Acquisition cost â Under an FHA loan, the purchase price or appraised value of the property plus the estimated closing costs. Adjustable Rate Mortgage (ARM) â A mortgage in which the interest rate is adjusted periodically based on an index. Also called a variable rate mortgage.