Total assets = Total liabilities + Equity. The balance sheet is one of the key elements in the financial statements, of which the other documents are the income statement and the statement of cash flows. A statement of retained earnings may sometimes be attached.
Fixed Rate Defined. A fixed interest rate means that the interest rate that you will be charged over the term of your loan will not change, no matter how high or how low the market may drive interest rates. Your payment will remain the same on your last payment as it was on your first payment.
A mortgage that keeps your options open. A tracker mortgage has a variable interest rate that tracks your lenderâs base rate which is based on the Bank of England base rate â for a set term. This means that if your lenderâs base rate falls, your mortgage payments will decrease. However, if the rate goes up, your mortgage payments will increase.