Alexander Hall Mortgage jargon buster Mortgage terms beginning with U

Mortgage jargon buster

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Underpayment

Situation where repayments are reduced so that the mortgage is not repaid by the end of the agreed term. Some mortgages (flexible mortgages) allow for a specified level of underpayment.

Unencumbered

A property that has no loans or borrowings secured on it.

Unit Linked

A type of life insurance in which the value of the policy is backed by investment in shares, either through the life company or the life company's unit trust.

Unitised with Profits

A version of a With Profits investment vehicle that seeks to reduce the peaks and troughs of stock market fluctuations.

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