Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our 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).