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TAP
- total amount payable - total due to the lender over
the lifetime of the credit agreement, including all fees and other
associated charges from the lender.
tax
free cash sum
- optional withdrawal of a lump sum from a pension
fund on retirement.
TCC
- total cost of credit (TCC) - total
amount payable under a credit agreement less the principal.
term
(mortgage)
- length of time before the mortgage loan must be
repaid.
term
assurance
- 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 as they fall due (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.
threshold
- IG premium - loan to value ratio above which
mortgage indemnity guarantee premiums are payable.
timber framed
- method of house construction.
Timber framed properties have traditionally suffered from poor damp-proofing
and this restricts the number of lenders willing to accept them as security.
Modern building techniques have largely removed these difficulties and
properties constructed since about 1980 should be acceptable security to
most lenders.
tracking
- process of following the progress of a loan
application. This information should be fed back from the
lender or packager to the
introducer.
top-up
loan
- form of second mortgage normally 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 and will frequently carry onerous redemption charges.
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 examples are
fixed rates and
capped rates.
typical APR
- - example of the
annual percentage rate for a given mortgage product, normally used in an
advertisement in order to comply with the requirements of the
Consumer Credit Act (Advertising Regulations).
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T
TAP
tax free cash sum
TCC
term (mortgage)
term assurance
TFCS
thatched roof
threshold
timber framed
tracking
top-up loan
total amount payable
total cost of credit
treasury product
typical APR
Introduction
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