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JARGON BUSTER

A I B I C I D I E I F I G I H I i I J I K I L I M I N I O I P I Q I R I S I T I U I V I W I X I Y I Z

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Income Multiples: These are multiples that Lenders apply to borrower's income in order to determine the maximum loan they will offer them.

Indemnity : See Higher Lending Charge.

Individual Savings Account (ISA) : A repayment vehicle associated with Interest Only Mortgages.

Interest Only Mortgages : With this method the initial loan amount remains the same throughout the term of the loan, while the monthly mortgage repayments only pay off the interest being charged on this amount. For this reason, Interest Only Mortgages are tied to the investment in one of a number of different repayment vehicles, which ideally, should cover the initial loan amount at the end of the loan term. These repayment vehicles include Endowment policies, Personal Pensions, ISA's etc.

Introducer Fee : See Procuration Fees.

 

 

IMPORTANT - Click Here to read and print off a copy of our Initial Disclosure Document (IDD)

Merlin Mortgage Management Ltd is authorised and regulated by the Financial Services Authority (FSA) in respect of Mortgage and Insurance mediation activity. Our FSA registration number is 302256.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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