M

• Managed fund - a type of investment where a number of investors pool their money into one fund which is then invested by an experienced fund manager.
• Mergers and acquisitions - advising clients on buying, selling and merging with other companies.
• Mortgage - a loan to purchase a home, where the property is used to guarantee repayment of the loan.
• Mortgage rate - the standard interest rate given by mortgage lenders, which tends to reflect rises or cuts to the Bank of England base rate.
• Mortgagee - the company that lends money on a mortgage.
• Mortgagor - the person who is taking out the mortgage.

N

• National Insurance - a tax levied on wages and salaries in the UK which is used to finance state benefits.
• Negative equity - where the value of your property is worth less than the money owed on the mortgage.
• No claims bonus - where a discount is awarded to policy holders who have not claimed on insurance, for example, when drivers do not claim on their car insurance.

O

• Occupational pension scheme - a pension scheme set up for employees by an employer.
• Offshore banking/savings - a bank account that is held overseas. For UK residents, offshore accounts are often held in places like the Isle of Man and the Channel Islands.
• Overheads - the costs associated with providing and maintaining a manufacturing or working environment.

P

• PAYE (Pay-As-You-Earn) - a system whereby income tax is automatically deducted from wages and salaries by employers on behalf of the Inland Revenue before employees are paid.
• PEP (Personal Equity Plan) - a tax-free method of acquiring unit trusts or shares.
• Personal loan - a type of loan taken out by individuals where interest rates and repayment costs are fixed.
• Private Equity- investing directly in companies.
• Private medical insurance - a policy that covers the policy holder for any bills arising from medical or hospital treatment.
• Public company - a company that is listed on the Stock Exchange. The company's shares are available for the public to invest in.

R

• Remortgage - a new mortgage taken out without the mortgagor moving home.
• Repayment mortgage - when monthly payments repay both the outstanding capital on the mortgage and any interest accumulated.
• Replacement value - the amount it costs to replace an item in the event of an insurance claim.