Managing My Money Glossary
Glossary of terms used in Managing My Money.
Browse the glossary using this index
Special | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | ALL
J |
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Joint tenantsTwo or more people who own a property together. The joint tenants do not own distinct shares in the property. | |
K |
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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. | |
L |
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Liquid assetsThose assets that can be quickly converted into cash. | |
Loan-to-value (LTV)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. | |
M |
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Means testedMeans 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. | |
N |
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National Insurance contributionsContributions from both employees and employers, which form the basis for paying state benefits related to unemployment, sick pay and pensions. | |
Net incomeIncome after deductions such as Income Tax and National Insurance. | |
Nominal valueThe face value of a bond. The amount, excluding interest, the investor gets back on the maturity of the bond. | |
O |
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Opportunity costThe cost of doing or having something measured in terms of the best alternative foregone (done without). | |