The Better-Mortgages uk mortgage terminology glossary (T)

As with any industry, the world of mortgages has it's own language. Use the information in this glossary to look up mortgage terminology you are not familiar with.

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Tenancy in common

where property is owned and occupied by more than one person, with each person's share being specifically defined, the joint owners share 'Tenancy in common'. They have undivided possession but several freeholds. The share of a deceased person does NOT pass to the surviving joint owners, but to the deceased persons estate. 

Title deeds

The Title deeds is the legal document which shows ownership  of a property. These are usually kept by the mortgage lender during the term of the mortgage and are handed over when the mortgage has been paid off in full.

Total charge for credit

A way of expressing the total true cost to the borrower of his loan is called 'Total charge for credit '. the total charges include all interest payable, arrangement, redemption, administrative fees, valuation, solicitors' fees, MIG premiums, other insurance premiums if there is no choice of insurer,  and any other charges that relate directly to the mortgage loan. 

Transfer of equity ( transfer subject to mortgage )

The process of adding or removing a party from a mortgage transaction is called Transfer of equity (or transfer subject to mortgage ). The most common reason for this is where spouses or partners agree to separate and wish to change their status as joint mortgagors.

Transfer of mortgage

The process of transferring the rights of the lender to another institution is called Transfer of mortgage. This is governed by a code of practice and requires the consent of the borrower. A clause is usually inserted in the mortgage deed for this purpose.

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