Glossary

Impaired Credit - A credit file that contains some form of adverse credit such as loan arrears or County Court Judgements.

Income Multiplier - The number of times a person's income can be multiplied in order to determine how much they can borrow on their Mortgage.

Income Tax - A direct tax that is levied by the Central Government on the salary and wage income of UK individuals.

Index Tracker - An interest rate that follows the movements in an index such as the Bank of England base rate.

Inflation - The reduction in the real purchasing power of money over time.

Interest Only Mortgage - A mortgage in which the borrower is required to pay for the interest charged on a monthly basis and the balance of the loan at the expiry of the term of the mortgage.

Intermediary - An individual or business, such as a Mortgage Broker, that helps clients find and apply for the most appropriate financial products to suit their needs.