S

• Savings bond - a type of savings account where a high rate of interest is paid but cash is tied up in the account for a set period of time.
• Searches - a series of checks made with local authorities that are carried out during the conveyancing of a house. Checks include any proposals for planning or any other matter that may affect the property's value or its sale in the future.
• Secured loan - a type of loan where an asset, usually a property, is used to guarantee repayment.
• Settlement - Scottish term for the completion of a property.
• Share club - a group of investors who pool money to buy shares.
• Stamp duty - a tax payable by the buyer of a property, calculated as a percentage of the sale price.
• Stock market - place where shares and equities are traded, usually by stockbrokers.

T

• Term - the length of time over which a loan or mortgage is repaid.
• The Bank of England - is the central bank for the UK. It has many functions arising from its stated aim to promote and maintain a stable and efficient monetary and financial framework. One key function is to act as banker to the banking system. Since 1997, it has also set the official interest rate for the UK.
• Title deeds - Documentation proving ownership of a leasehold or freehold property.
• Trading - buying and selling shares, bonds and other financial products.
• Transfer deeds - a document that transfers ownership of a property to the signatory.
• Travel insurance - a type of insurance taken out by holidaymakers or travellers to cover them in case of cancellation, loss, theft or costs incurred through medical bills. Can be taken out for specific activities, for example, ski insurance.

U

• Unit trust - a stock market linked investment often used as collateral to repay an interest-only mortgage.
• Unsecured loan - a personal loan where no collateral is needed to guarantee repayment.

V

• Valuation - a check carried out by a professional surveyor to ensure a property is worth its asking price and is appropriate for approval of a mortgage.
• Variable rate - when the interest rate payable against a loan or mortgage can go up or down.
• VAT (Value Added Tax) - an indirect tax that is levied on most purchases.
• Vendor - the person or party selling a property.

Y

• Year-end - end of the financial year.
• Yield - the total income made on an investment once charges have been deducted. Please note that these charges do not include tax.

• 0 / 10 – From 2009, the States are to implement a ‘zero / ten’ tax system for companies. It is proposed that a standard rate of corporate income tax of 0% with a rate of 10% for Finance Businesses and 20% for utility companies and rental income.