Tracker mortgages often have a lower limit called a tracker floor or a collar. This means that if the Bank of England base rate falls past this point, any cut will not be passed on to customers.
Interest is charged at a fixed percentage rate above or below the Bank of England base rate. Some tracker products are subject to a tracker floor or a cap/ceiling.
Transfer of Equity
A Transfer of Equity is the process of adding or removing a person from a mortgage.
Tie in Term
The period of time you would need to remain on certain mortgage terms to avoid an early repayment charge.
Title deeds/title documents
The legal documents which provide proof of ownership of a property.
A form which provides details of the transfer of ownership to be entered on the Land Registry register.