The Tax on Your Salary - 2011-12. On January 9th 1799 the Prime Minister, William Pitt, introduced income tax to pay for the Napoleonic war at the swingeing rate of 0.83% for people earning Â£60 or more.
Basically, an ARM is a mortgage loan that has an interest rate that adjusts, or changes, usually once a year. The benefit of an ARM is that it generally gives you a lower interest rate initially. The risk is that the interest rate most likely will go up, which in turn will make your monthly payments rise.
In reality, the. mortgage is the document which grants a security interest in the property to the lender. The note is a promise to pay the sum due on the loan. In other words, the mortgage. allows the lender to take the property back if the borrower does not pay on the debt in the. note. One of the homeowners may have signed the mortgage but not the note.