Glossary: M


Most cash machines check your bank account before giving you any money and will not give you any more than there is in your account. There is often a limit of, say, £250 per day on your withdrawals.


On credit or store card statements - the minimum amount you must pay each month off your debt.


A loan usually taken out to buy property e.g. a house. If you do not keep up the mortgage repayments the mortgage company can repossess your house. This is an example of a secured loan. The loan is secure for the mortgage company because they can not lose out. They get the value of your house if you default on the loan.


There are two types of motor insurance. Third party insurance is the minimum insurance cover required if you drive a car on public roads. You may prefer to also take out a comprehensive policy for your car.