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Abacus-money Jargon

T

Term

The period of years over which you take the mortgage.

Title Deeds

Documents that show proof of ownership.

Tracker Mortgage

This where a lender offers a mortgage at an interest rate that is tied into, but a percentage above, the Bank of England base rate, as opposed to a percentage below their own individual standard variable rate. This means the change in interest rate is immediate if the Bank of England alters its rate. With a discount rate, some lenders have been criticised for delaying or not passing on any drop in the interest rate, but applying any increase immediately.

Transfer Deed

The document that transfers the ownership.