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UK House Buyers Glossary - I

This page of our online a to z glossary is for UK house buyers terms beginning with the letter 'I'.

• Index tracker mortgage - this is a mortgage where the interest rate varies with the Bank of England base rate. It is set at a fixed percentage above the Bank of England base rate and follows its fluctuations.
• Inglenook - an alcove-like space near a fireplace which is fitted with seats.
• Inventory - a detailed list of the contents of a property.
• Interest rate - this is the percentage charged each year by the mortgage lender for the mortgage (for example 5%).
• Interest-only mortgage - monthly repayments are made to pay only the interest on the loan. At the end of the mortgage term the capital sum borrowed will still remain.
• ISA mortgage - a mortgage which is repaid using the money from an Individual Savings Account (ISA).
• ISVA - the Incorporated Society of Valuers and Auctioneers.