G

• Gazumping - when an offer on a property is accepted by a vendor, but a higher offer is subsequently received by another party and accepted by the vendor.
• Gilt - a government bond or stock where interest is predetermined and paid over a set term.
• Gross interest - interest earned on savings before income tax deductions are taken into account.
• Ground rent - an annual fee paid by the leaseholder to the freeholder.
• GST – Goods and Services Tax. GST is a form of indirect tax which is borne by the consumers in Jersey. The States has agreed to introduce a broad based 3% GST as from 2008.

H

• Health insurance - insurance cover providing financial protection in the event of sickness or injury.
• Home insurance - insurance to protect a policyholder's home. The insurance can be buildings insurance, where the outside of the home is covered, or contents insurance where the contents of your home are insured against theft or damage.
• Homebuyer's report - an optional professional survey carried out to check the structure of the property. This is more thorough than a valuation, but less detailed than a structural survey.
• HP (hire purchase) - a method of paying for an item where the buyer effectively 'hires' the item over a fixed period of time, often used as an alternative to a car loan.

I

• IFA (Independent Financial Adviser) - a qualified consultant who gives independent advice on all financial products.
• Income multipliers - a calculation used by mortgage lenders to work out the maximum you are allowed to borrow based on your income.
• Income protection insurance - see Accident, sickness and unemployment (ASU) cover.
• Income tax - tax paid on income within a given financial year (April-April).
• Inflation - the percentage increase or decrease in prices each year.
• Interest-only mortgage - a mortgage where repayments cover interest accrued on the loan alone. The balance of the mortgage remains fixed until the end of the term when repayment is due in full, usually using funds built up through an endowment policy or other investments taken out at the start of the mortgage.
• Investment bank - specialises in corporate finance activities (rather than banking services for individuals as in a retail bank).
• Investment trust - an investment made by a listed company into another company, where shares are sold on investors.
• IPT (Insurance Premium Tax) - a tax levied on all general insurance in the UK.
• ISA (Individual Savings Account) - savings account with tax benefits. Savings can be made through cash deposits, stocks and shares or insurance.
• ISA mortgage - an interest-only mortgage that is linked to a savings fund, designed to repay the mortgage at the end of the term.

L

• Land registration - record listing a plot of land's registered owner and any legal charged attached to it.
• Level term assurance - a type of life assurance that pays out a cash lump sum if the policy holder dies during the term of cover.
• Life insurance - insurance where a policy holder's dependents receive a cash lump sum if he or she dies.
• Loyalty bonus - special schemes designed for existing mortgage customers offering benefits such as reduced interest rates, low fees, etc.