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offset account

A transaction account that is linked to a mortgage account. It reduces your interest payable as interest is only charged on the net balance, i.e. your mortgage balance less your offset account balance.

option

A contract between two parties that gives the buyer/seller the right, but not the obligation, to buy/sell an asset, at a set price, on or before a specific future date.

overdraft facility

An arrangement that allows you to withdraw more funds than you have in your account.

overdrawn account

When the limit on a credit card or bank account (including any overdraft facility) has been exceeded.

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