T

Tenants
People living in a property on a non-ownership basis.

Tenancy in Common
A form of ownership by two or more people in which, if one dies, their share of the property forms part of their estate and does not automatically pass to the other(s).

Title
The record of ownership of a property, the evidence of which is found in the title deeds.

Total Amount Payable
The total cost of repaying a mortgage.

Tracker Mortgages
Tracker mortgage normally follow movements in the base rate set by the Bank of England. The interest rate is then set at a constant level above or below the base rate, rising and falling in line with any changes during the tracking period. This means that if the base rate falls, the amount you pay falls. Likewise, if the base rate goes up, so will your payments. Tracker mortgages tend to be for a set period of time, say five years, after which you usually transfer to a new tracker rate, or to a different type of rate altogether.

Transfer Deeds
The Land Registry document that transfers legal ownership from seller to buyer.

Transfer of Equity
Adding or removing a party to/from a mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage