| Timber framed |
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| A method of building where no inner cavity wall is constructed. In the past timber framed properties suffered from damp and accordingly some lenders did not view them as secure as other types of property to lend on. More recent building techniques have eradicated such concerns and most lenders find such properties as acceptable for lending purposes. |
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| Typical APR |
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| Mortgage quotations and advertisements will usually show a typical APR figure in order to comply with the Consumer Credit Act. |
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| Tax-free |
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Interest earned or credited without any income tax liability and not dependant on the investors tax status. |
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| Tax Return |
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Annual return supplied by the individual to the Inland Revenue detailing all incomes, from employment, investments, benefits and perks, in addition to allowable expenses. The tax return forms the basis on which the individual's tax liability is calculated. |
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| Tessa |
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Tax Exempt Special Savings Account . TESSAs were replaced on 5th April 1999 by the new Individual Savings Account (ISA). Existing Tessas can be held for the remainder of their original term. |
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| Term |
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Length of time for which an account has to be held or for which attracts an agreed amount of interest. |
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| Term Assurance |
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This is life assurance which pays out the insured sum on the death of the policy holder providing it occurs within the policy term. This is a common method to protect the mortgage in the event of death and to ensure that the mortgage debt is repaid. The most common types of this insurance are Mortgage Protection or Level Term Assurance. Mortgage protection is normally used in connection with a capital and interest mortgage and the level of the insured cover reduces in line with the reduction in the mortgage debt. Level Term assurance is more likely to be used in connection with an interest only mortgage as the level of cover remains constant as does the mortgage debt. With Term Assurance cover there is no pay-out if the policyholder survives the policy term and the policy simply lapses with no value. This factor makes this type of cover relatively inexpensive. |
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| Tied Agent |
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A company sales person (or direct sales person) who promotes the products of his employer only, the company he or she is 'tied' to. They cannot search the whole market for the best product as an Independent Adviser can. Under the rules of the Financial Services Act they must make their status clear to the interviewee or applicant at the earliest opportunity. |
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| Transfer |
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Movement of account from one provider to another or from one account to another with the same institution. |
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| Trustee |
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Person responsible for administering the assets for the benefit of the beneficiaries. |
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