A to Z of Finance (Jargon Buster) - The Letter T

The world of Finance is full of buzz words and Jargon. In this section I'll translate a whole range of finance terms so you won't get caught out.

Index 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

Tenant Loan

A Non-Homeowner or Tenant will take out an unsecured loan because they have no home to act as security for the Loan. Tenant Loans are Personal Loans for Tenants and Non-Homeowners. Interest Rates are usually higher than they are for Secured Loans but Finance Jungle will aim to find you a Tenant Loan or Unsecured Loan with a competitive rate.

Term

The length of time (in years) you take to pay back your mortgage. Most commonly people take a mortgage out over a term of 25 years but it could be alot less if you borrowed a small amount.

Tracker Rate Mortgage

Tracker rates are set at a percentage above the Bank of England Base Rate. Trackers are similar to variable rate mortgages, so your monthly repayment can go up or down along with The Bank of England Base Rate. If the Bank of England rate changes your interest rate will change immediately, unlike a Variable rate that may not fluctuate as much.

Typical, variable APR is 10.9%. Rates range from 7.7% to 18.3%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.