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JARGON BUSTER

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Interest Only Mortgage

A type of mortgage whereby only interest is paid throughout the term of the loan (or part term if specified). The original amount of the loan (together with any accrued or unpaid interest) will have to be repaid on or before the end of the mortgage term.

Income Protection Policy

A type of insurance policy which pays out if your income is reduced or stopped because of redundancy, sickness or accident.

Indemnity Bond (MIG)

An insurance premium which may have to be paid if the amount being borrowed is over 75% of the value of the property. The indemnity bond is a once off payment.


WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOANS SECURED ON IT.