Take -Back- Mortgage

Take Back Mortgage

A loan made directly from the seller to the buyer.

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 on the sale/purchase of a property. Will often incur a fee from your solicitor and monies sent from a lender is usually in this form.

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.

Term Assurance

This insurance repays the mortgage in the event of the insured person's death.
Also known as: Life Policy.

Terminal Bonus

This is a bonus paid at the end of an endowment mortgage and often depends of the performance of the investment fund you are using to repay your mortgage.

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 mortgage elsewhere during this period, you may have to pay an early redemption charge.

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'.

Title

Evidence of the right of property ownership; can be held solely, jointly, in common or in corporate or partnership form.

Title Company

A company that performs and insures title searches. Usually selected by the seller, they sometimes work as a lender's agent. Depending on the preferences of the seller, buyer and others involved in the sale, the closing might take place at the title company's offices.

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.

Title Insurance

Insurance that protects a property owner against defects to or claims against a property. Typically purchased by the buyer upon closing, sometimes as required by the lender. Title companies issue the policies.

Title Risk

Possible impediments to the transfer of a title from one owner to another.

Tracker Mortgage

This is a variable mortgage that is either above or below the Bank of England's Base Rate by a set percentage within a set period.

Traded Endowment Policy (Tep)

Another name for Second-Hand Endowment Policy (Shep).

Transfer Deed

A form which provides details of the transfer of ownership to be entered on the Land Registry register.

Transfer of Ownership

Any legal means by which a piece of real estate changes hands.