Glossary - T
- Telegraphic Transfer
- The electronic transfer of money.
- Term
- The length of time before the mortgage must be repaid.
- Term Assurance
- The simplest form of life assurance. The insured person is covered against death within a fixed period depending up on the payment of the premiums. If an insured person dies within the policy term the sum assured is paid out. On survival to the full term no premiums are returned, the cover then ends.
- Terminal Bonus
- A bonus that is paid at the end of an endowment policy and will depend on the performance of the investment fund.
- Thatched Roof
- Insurers normally impose special terms for fire insurance on thatched properties. It is advisable to check that full fire cover is available with an insurer acceptable to the lender before proceeding.
- The Council Of Mortgage Lenders (CML)
- The CML is the trade association for mortgage lenders in the UK, and its members undertake around 98% of UK residential mortgage lending. The CML exists to provide a service to mortgage lending institutions by helping to establish and to maintain a favourable operating environment in the residential mortgage and related housing markets in the UK.
- Tied Agents
- Most advisers and agents have access to mortgages that you would not normally find on the high street. They may be part of a particular financial body or estate agent. Therefore they are not fully independent.
- Timber Framed
- This is a type of house construction. Timber framed properties have traditionally suffered from poor damp-proofing and so this restricts the number of lenders willing to accept them as security.
- Top Up Loan
- This is a form of second mortgage that is an extra loan from the same lender as the main mortgage to make home improvements etc.
- Top-Down
- An approach for analysing whole markets by using economic data, for predicting market direction, and estimating profit growth.
- Tracking
- A process of monitoring the progress of a mortgage application. This information should be fed back from the lender or packager to the introducer.
- Treasury Product
- This mortgage has conditions that control the future of the interest rate, so that the rate is not totally subject to market interest rate movements.
- Typical Apr
- An example of the annual percentage rate for a given mortgage product.
The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There will be a fee for mortgage advice of £299. Telephone calls may be recorded for training purposes.
