TAP
Total Amount Payable - total due to the lender over the lifetime of the credit agreement, including all fees and other associated charges from the lender.

Tax-free cash sum
Option of a withdrawal from a pension fund on retirement payable in a lump sum.

TCC
Total cost of credit (TCC) - total amount payable under a credit agreement less the principal.

Term (mortgage)
Length of time over which the mortgage loan must be repaid.

Term assurance
The simplest form of life assurance. The insured person(s) are covered against death within a fixed period subject to the payment of the premiums as they fall due (monthly or yearly).

If an insured person dies within the policy term the sum assured is paid out. If all insured persons survive the term, the premium has been paid then the insurance ends with nothing being paid to the policyholder(s).

Thatched roofs
Insurers will normally impose special terms for fire insurance on properties with thatched roofs. It is advisable to check that full fire cover is available with an insurer acceptable to the lender before proceeding.

Threshold
IG premium - loan to value ratio above which mortgage indemnity guarantee premiums are payable.

Timber framed
Method of house construction.

Timber framed properties have traditionally suffered from poor damp proofing and this restricts the number of lenders willing to accept them. Modern building techniques have largely removed these difficulties and properties constructed since about 1980 should be acceptable security to most lenders.

Tracking
The process of following the progress of a loan application. This information should be fed back from the lender or packager to the introducer.

Top-up loan
A type of second mortgage used to provide an overall loan in excess of the loan to value ratio allowed by the primary lender.

Top up loans will invariably be charged at a higher rate than the first mortgage and will frequently carry onerous redemption charges.

Treasury product
A mortgage product that has conditions that control the future of the interest rate, so that the rate is not totally subject to market interest rate movements. Typical examples are fixed rates and capped rates.

Typical APR
Example of the annual percentage rate for a given mortgage product, normally used in an advertisement in order to comply with the requirements of the Consumer Credit Act (Advertising Regulations).