Managing My Money Glossary
Glossary of terms used in Managing My Money.
Thursday, 25 April 2024, 4:30 AM
Site: Open Learning
Course: Managing my money (MMM_1)
Glossary: Managing My Money Glossary
J
Joint tenantsTwo or more people who own a property together. The joint tenants do not own distinct shares in the property. |
K
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
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
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
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
Opportunity costThe cost of doing or having something measured in terms of the best alternative foregone (done without). |