Gross Interest
The contractual rate of interest without or before the deduction of any income tax liability. If interest is received gross the investor takes the responsibility for discharging any tax liability due to the Inland Revenue. However the interest will generally be paid net unless a registration form is completed to comply with Inland Revenue regulations.

Gross Monthly Payment
This is the monthly mortgage payment before allowance is made for MIRAS tax relief (see MIRAS ). This figure will be shown on the mortgage offer, but providing the borrower is eligible for MIRAS tax relief then the lower net payment will represent the actual payment to be made.

Guarantee Card
A card used in conjunction with a cheque book that guarantees the payment to the payee, up to the amount of the card (usually £50, £100 or £250).

Guarantor
A guarantor is a person other than the borrower who guarantees the mortgage repayments. A Guarantor can sometimes be used to support a borrower who has insufficient income to qualify for a mortgage in their own right. The Guarantor will normally need to have sufficient income to support the new mortgage in its entirety after taking into account any existing mortgage and other commitments they have personally. The Guarantor becomes responsible for the whole mortgage repayment if the borrower defaults.