Secured Loans & Mortgages

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Take-back mortgage
A loan made directly from the seller to the buyer.

Term
The period of years over which you take the mortgage and when you have to repay it. Most new mortgages are taken on a 25-year term.

Tied agents
Many agents and advisers have access to mortgages that you would not be able to arrange on the high street or via a direct operation. They may be representatives of a particular financial institution or estate agents and only be able to offer products from that particular provider. They can still call themselves financial advisers, so long as they don't use the word 'independent'.

Tie-in period
As a condition of a special mortgage deal (discount or fixed rate, for example), you may have to agree to stay with the lender for a period of months or years after the deal has ended. If you move your mortgage elsewhere during this period, you may have to pay an early redemption charge.

Title
Evidence of ownership of land or property.

Tracker mortgages
They are usually linked to the Bank of England base rate, in that you pay a set margin above the current base rate level. Unlike many of the other types of rate, most tracker rates will not revert to the SVR at any point during the life of the loan. They will continue to track the base rate until you have either paid off your mortgage or switch provider or product. You can also get tracker mortgages that have discounts and stepped discounts built into them.

Transfer deed
A form which provides details of the transfer of ownership to be entered on the Land Registry register.

Transfer of ownership
Any legal means by which a piece of real estate changes hands.

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