Jargon Buster
Tax relief
The government allows an artificially low tax rate to
encourage purchases or savings such as with pensions and
ISA's.
Telegraphic transfer
Electronic transfer of money between two parties.
Tenure
Whether a property is freehold or leasehold.
Term
The period of years over which you take the mortgage and
when you have to repay it. Most new mortgages are taken
on a 25-year term.
Tied agents
Many agents and advisers have access to mortgages that
you would not be able to arrange on the high street or
via a direct operation. They may be representatives of
a particular financial institution or estate agents and
only be able to offer products from that particular provider.
They can still call themselves financial advisers, so
long as they don't use the word 'independent'.
Tie-in period
As a condition of a special mortgage deal (discount or
fixed rate, for example), you may have to agree to stay
with the lender for a period of months or years after
the deal has ended. If you move your loan elsewhere during
this period, you may have to pay an early redemption charge.
Title
Evidence of the right of property ownership; can
be held solely, jointly, in common or in corporate or
partnership form.
Title deeds
Documents stating who has title or right to the ownership
of a property, which also show the boundary of the land.
Title documents
The legal documents which provide proof of ownership of
a property.
