Understanding the terminology used in the home buying and refinancing process is not always easy. There are many mortgage-related words and phrases that may cause confusion.
Our Glossary provides a comprehensive list of mortgage terminology to help you.
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U
unemployed
- not in employment or receiving any regular salary; not self-employed. (Could be receiving state benefits.)
unemployment insurance
- see - accident, sickness and unemployment insurance(ASU).
unencumbered
- property that is owned without borrowing or other legal charge over it.
unitised with profits
- a form of with-profits endowment which gives the insurer the ability to adjust, in certain circumstances, the value of bonuses already allocated.
unit linked
- investments purchased within a collective investment fund, the price of which is denominated by the underlying value of the investments within the fund.
unsecured loan
- a loan where the lender has no entitlement to any of the borrower's assets in the event of the borrower failing to make the loan repayments. Such a loan normally carries a higher interest rate than a secured loan.
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