Managing My Money Glossary
Glossary of terms used in Managing My Money.
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Two or more people who own a property together. The joint tenants do not own distinct shares in the property.
Key Facts Illustration (KFI)
Details the features, terms and conditions of a mortgage on a standard basis, enabling comparisons to be made between different lenders' products.
Those assets that can be quickly converted into cash.
A measure of a loan (or mortgage) as a proportion of the lender's valuation of the property on which the loan (or mortgage) is secured.
Means tested refers to payments that are made only to those who are assessed to have a certain level of income or less, and in some cases, a certain level of assets or less.
Mortgage indemnity guarantee (MIG)
An insurance policy that insures the lender for any losses on lending above a defined minimum loan-to-value sum. This is charged to the borrower.
National Insurance contributions
Contributions from both employees and employers, which form the basis for paying state benefits related to unemployment, sick pay and pensions.
Income after deductions such as Income Tax and National Insurance.
The face value of a bond. The amount, excluding interest, the investor gets back on the maturity of the bond.
The cost of doing or having something measured in terms of the best alternative foregone (done without).