Mortgage Dictionary: T

Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

Telegraphic Transfer The electronic transfer of money. 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. Terms Simplest form of life assurance. The insured person or persons are covered against death within a fixed period subject to the payment of the premiums, which is normally monthly or yearly. If an insured person dies within the policy term the sum assured is paid out. If all insured persons survive the term the premium has been spent and the insurance ends with nothing being paid to the policyholders. Thatched Roof Insurers will 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) This board publishes many booklets on buying property and ways to protect the borrowers. Threshold IG premium the loan to value ratio above which mortgage indemnity guarantee premiums are payable. 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. Timber Framed A method 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 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. Top-Down An approach for analysing whole markets by using economic data, for predicting market direction, and estimating profit growth. Tracking A process of following the progress of a loan application. This information should be fed back from the lender or packager to the introducer. Treasury Product A mortgage that 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.