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Loan glossary
loan glossary - home loan terms and phrases
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I.
Incapacity Benefit.
Financial aid from the government for people who are unable to work due to illness or disability.
Income Capacity.
The sum available to spend on new liabilities arrived at by an income multiple.
Income Multiple.
A factor that lenders use to decide how much a borrower can realistically afford to spend on a new lending
proposal. The majority of our secured borrowers will be allowed up to 40% of their monthly income less the cost of their mortgage
repayments.
Income Support.
A financial benefit paid by the government to people whose income is below a certain level and who are working less than 16
hours per week. It is means tested.
Insolvency.
This occurs when a person or a business has more liabilities than assets.
Insurance.
A contract between a policy holder and an insurance company in which payment of premiums covers the insured against something
which may, or may not occur. For example motor insurance covers the insured against accidents which may occur.
Insurer.
A company that provides insurance.
Insured.
A person or body that is covered by insurance.
Interest.
A charge you pay if you borrow money, or a charge you recieve if you lend money.
Interest Only Mortgage.
The interest on a mortgage is paid to the lender throughout the whole term and the capital is paid at the end. To pay this
capital amount, an investment is paid into regularly which is designed to grow and meet the capital that is due at the end of
the mortgage.
Interest Rate.
The percentage rate at which interest is charged on borrowings or paid on savings.
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