A letter of employment is a document written by an employer verifying the pay received by an employee. It may be required for a mortgage application.
There is a raging debate regarding fixed vs variable mortgages. Many financial experts and publications like to point out the benefits of one over the other, but that is not the case here. This article is designed to take a neutral look at fixed vs variable mortgages.
A high ratio mortgage is a mortgage that has a loan-to-value ratio (LTV) of more than 80%. This means that the loan amount is more than 80% of the value of the property. In other words, a high ratio mortgage is a loan in which you put less than 20% of the purchase price of the house you're buying down.