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.
What is a balloon mortgage? A balloon mortgage refers to any mortgage that doesn't fully amortize over the loan term. The borrower will make payments over a set period of time (usually five or seven years), at the end of which the entire remaining loan balance will be due at once.