Below are alphabetical listings of definitions of acronyms and terminology that may be used throughout this site.
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When you take a Northern Re:pay account, you have an agreed limit which you cannot exceed. This is known as a Safety Limit and it is reduced each month to ensure that your mortgage is repaid by the end of the agreed term. With Northern Re:pay there is no fixed repayment amount or repayment frequency, but you must remain within your Safety Limit. You can redraw back up to your Safety Limit at any time.
To help you keep up to date with your account balance, we can send you a text message to let you know when your balance falls above or below a level you have set yourself. This will help you know when a payment (such as your salary) is in your account or when you are getting near a debit balance or your overdraft limit on your account. We do not charge for this service but charges from your service provider may apply.