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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
Tariff of Charges |
| One way most Lenders now show costs associated with loans and mortgages is by providing a Tariff of Charges detailing setting up, admin and future possible charges e.g. late payment fees. |
Tax |
| A charge made by the government against a person (e.g. PAYE Income Tax) or business (e.g. Corporation Tax) taken from earned income or profits or charged on a service provided (e.g. VAT) to pay the costs of running the country. |
Tenant |
| Someone who rents property from a Landlord. |
Tenant Loan |
| A loan arranged for someone who is not a property owner but currently renting their property. Click here to see how BFS can help you to find a good Tenant Loan. |
Tenancy Agreement |
Document setting out the terms of a lease. |
Tenure refers to the type of ownership of a property and the land it stands on, i.e.. Leasehold or freehold. |
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Term |
| The period over which the loan is to be repaid, usually expressed in months or years. |
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| Term assurance is a life assurance policy that is valid for a fixed term. If the term assurance is taken out in connection with a mortgage or loan, the term is usually set to be the same as the term of the loan. Term assurance policies pay out on the death of the insured person, or the first death of the two insured persons, if the death occurred during the term of assurance. |
Terms & Conditions |
| Found on a legally binding agreement such as a credit agreement and they are a set of paragraphs which explain the rules the Lender is prepared to offer for the loan, the way the loan works and interest is charged and all the conditions which the Lender applies to the loan agreement. Always ensure that you read the Terms and Conditions of any agreement before deciding to go ahead and ask for our advice if you have any questions. |
Timber Framed Buildings |
| Historically it's been difficult to obtain loans and mortgages on these buildings because of damp and rot issues but today more plans and better building products are available. |
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Title Deeds |
The original documentation proving ownership of a property. |
Total Amount Payable |
Tracker Rate |
| A "tracker rate" refers to a variable interest rate that varies in line with changes to the Bank of England base rate. During the tracker rate period, any changes to the Bank of England base rate are passed on to you in full, which means that the interest rate can quickly go up or down depending on the base rate in place at the time. |
Transfer Deeds |
| The Land Registry document that transfers legal ownership from seller to buyer. |
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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.