Jargon Buster

IFA

Independent Financial Advisor

Individual Savings Account (ISA) Mortgage

An interest only mortgage linked to an Individual Savings Account fund, which is designed to pay off the loan at the end of the period.

Initial Disclosure Document (IDD)

When you first contact a lender or intermediary about your mortgage needs, they should give you their IDD. This document sets out essential information about the level and scope of mortgage service they provide.

Initial Interest Payment

Each monthly mortgage payment includes interest for that calendar month but your first payment also includes initial interest from the date of completion of your mortgage.

Interest Charges

The charges that are made on a loan by a bank or building society which are calculated as a percentage of the amount that has been borrowed or is outstanding.

Interest Only Mortgage

You only pay the interest on your loan for the whole mortgage term. You can arrange to repay the capital at the end of the mortgage term in a number of ways, for example, investing in an Individual Savings Account (ISA), through an endowment policy, or through a personal pension plan. Whichever method you choose, you will be responsible for making sure you can repay the amount you have borrowed at the end of the mortgage term.

Inventory

A descriptive list of condition and furnishings and contents of any given property normally associated with lettings.