Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with T

Mortgage jargon buster

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Tariff

A document detailing the costs and charges for a particular service or services.

Term

The period of time between the start and finish of the mortgage loan.

Term Assurance

A life insurance policy that provides a lump sum in the event of the death of the policyholder during a specified period.

Timber Framed

A property whose major structural components are constructed from wood, rather than brick, stone or concrete. Typically a lender will charge more for a mortgage on a timber-framed property.

Title

The document that confirms the right of possession to an area of land.

Title Insurance

An insurance policy against any loss resulting from defects of title to a specifically described parcel of property.

Title Search

An investigation, carried out by a conveyancer or solicitor, into the history of ownership of a property. The search will check for liens, unpaid claims, restrictions or any other problems that may affect ownership.

Tracker

A type of mortgage whereby any changes in the rate of interest charged follow exactly ('track') another, specified, interest rate. Typically a tracker mortgage will track the Bank of England base rate.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z