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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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IDD |
Refer to Initial Disclosure Document. |
IFA |
Independent Financial Advisor. |
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An illustration gives details of a mortgage or loan that may be available to you. It includes details such as how much you wish to borrow, over how long the loan will be repaid, the interest rate and the monthly repayments required. See also Key Facts Illustration (KFI). |
Income Declaration Form |
A form used to confirm your income when applying for a self-certification loan or mortgage. |
Income Replacement |
"Income replacement" refers to an insurance policy that will provide a certain income for a period of time in the event of accident, sickness or redundancy. |
Income Tax |
Tax payable to the Inland Revenue based on your earned income. |
| A savings account which can be used for general savings or even to build up a capital lump sum in the hope that there are sufficient funds to repay the capital element of an interest only loan or mortgage at the end of the agreed term. The Government has set limits on the amounts that can be put into ISAs as the interest or investment return on ISAs is tax-free. |
Individual Voluntary Arrangement (IVA) |
IVA’s were introduced in 1986 as a way that a person substantially in debt could avoid bankruptcy by meeting and agreeing reduced payment terms with creditors. An IVA is seen as preferred to bankruptcy. |
Inflation |
A term generally used to describe the amount of increase or decrease in earnings or cost of prices. There are different types of inflation indexes in the UK. |
Inheritance Tax |
Tax payable at a rate of 40% on your estate (payable at 40% on anything over £285,000, 2007-2008 tax years) when you die unless estate passes to surviving spouse. |
An IDD is a document used by Lenders and intermediaries dealing with mortgages or Non Investment Insurance products that are regulated by the Financial Services Authority. The IDD explains which services will be provided, what type of advice is given and, for an intermediary, which Lenders or insurers it deals with. The IDD also tells you certain other information, including whether or not you will be charged a fee for the services |
Similar to a interest only mortgage (see below) but in relation to a loan rather than a mortgage. Interest only is charged and no capital is repaid from the outstanding balance. |
Interest Only Mortgage |
A loan where the Borrower only makes monthly payments that cover the interest on the mortgage, no repayments of the capital borrowed is made during the term. At the end of the mortgage term, the whole amount borrowed must be paid back in one lump sum. It is very important to establish a way that the capital sum will be repaid at the end of the mortgage term e.g. endowment, ISA. |
Interest Rate |
Interest rate is the amount paid by the Borrower to the Lender for the use of the Lender's money. The interest rate is the cost of borrowing money expressed as a percentage rate |
Intermediary |
| Broker or a person who sorts and arranges financial packages for you. |
ISA |
Refer to Individual Savings Account Mortgage. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.