Tenant

A person renting a property.

Term

The mortgage term is the length of time before the mortgage loan must be repaid.

Term Assurance

This is 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. If the insured person survives the term the premium has been spent and the insurance ends with nothing being paid to the policyholders.

Terminal Bonus

This bonus is paid at the end of an endowment mortgage and will depend on the performance of the investment fund you are using to repay your mortgage.

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 organisation or estate agent. Therefore they are not fully independent.

Top Up Loan

A form of second mortgage, used to provide an overall loan in excess of the loan to value ratio allowed by the primary lender. Top up loans will invariably be charged at a higher rate than the first mortgage.

Tracker Mortgages

A tracker mortgage is similar to a discounted mortgage. With a discount, a mortgage lender offers you a set percentage off their own Standard Variable Rate (SVR’s). While a tracker mortgage follows the Bank Rate set by the Bank of England charged at a defined margin.

Tracking

The process of following the progress of a mortgage or loan application.

Transaction Date

The actual date when a purchase or cash withdrawal is made using a credit card.

Transaction Fee

A charge made by credit card providers for certain types of activity, e.g. Cash Withdrawal.

Transaction Post Date

When a purchase or withdrawal is actually recorded on your credit card statement.