Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
If you cannot find an explanation for the term you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.
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- Term
- The period, usually of years, over which you take the loan OR over which an insurance policy is valid.
- Term Assurance
- This is an insurance policy designed to repay the mortgage on the death of the insured person. Level Term Assurance covers a principal sum throughout the policy term and pays out the full amount on death. Reducing Term Assurance is designed to repay the balance outstanding on a repayment type mortgage upon death. Term Assurance may also pay out early on the diagnosis of a terminal illness.
- Tie in Term
- The period of time you would need to remain on certain mortgage terms to avoid an early repayment charge.
- Timber and Damp Reports
- Properties that have been exposed to damp are at risk of damage to brickwork, concrete (and its reinforcing steel bars), plaster, external render and timbers (floor and ceiling joists, window and door frames and flooring). Specialist firms exist to identify the extent of any damage and take corrective action.
- Title Deeds / Title Documents
- Documents that show proof of who owns the freehold and leasehold property.
- Transfer Deed
- This is a document that, once you sign it, transfers the ownership of a property to you. A form which provides details of the transfer of ownership to be entered on the Land Registry register.
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Ashburton based architectural designer offering a wide range of residential design services from concept to completion with a portfolio including loft conversions, kitchen, single and double storey extensions, side returns and conservatories. Alterations range from kitchen and bathroom renovations to space planning and re-designing of floor layouts. Help is available with obtaining approvals and consents for planning permission, building regulations and listed buildings and finding suppliers, tradesmen and builders.
- 10 St Lawrence Lane
- Ashburton
- Devon
- TQ13 7DD
- 07754 086724
- 01364 654568
- jofh75[ at ]hotmail[ dot ]com
- http://www.jonhills.co.uk
Kevin Obbard - Property Refurbishment, Maintenance & Roofing
Full refurbishment, repair and maintenance service, specializing in period and listed property. Slate Roofing, minor repairs to full strip and re-slate. Planning application and design service available. Free estimates and advice. Federation of Master Builders MasterBond Member. TrustMark Approved, Registered through FMB MasterBond. 10 Year Warranty available on all alteration and refurbishment work.
- The Bakehouse
- Ponsworthy
- Devon
- TQ13 7PJ
- 01364 631415
- kevin[ at ]meze.demon.co.uk