Tax-free
Interest earned or credited without any income tax liability and not dependant on the investors tax status.

Tax Return
Annual return supplied by the individual to the Inland Revenue detailing all incomes, from employment, investments, benefits and perks, in addition to allowable expenses. The tax return forms the basis on which the individual's tax liability is calculated.

Tenant Loan
As a tenant you may think you will have problems arranging a large loan. However, many lenders do offer tenant loan facilities to those who don't have assets to secure against their debt. A tenant loan is an unsecured loan, which means you will not be pledging property against your debt, so the interest rate will be higher than a secured loan as there is more risk for the lender. But this doesnt mean there arent some decent tenant loan deals around. There are hundreds of tenant loans on offer so do your homework to find the best deal for your circumstances. The rate your lender offers will depend on your circumstances, such as your credit history, salary, and age and, of course, the sum you wish to borrow and the time period. Before taking out a tenant loan, check that you can meet the cost of repayments as failure to do so could seriously affect your credit rating.

Tessa
Tax Exempt Special Savings Account . TESSAs were replaced on 5th April 1999 by the new Individual Savings Account (ISA). Existing Tessas can be held for the remainder of their original term.

Term
Length of time for which an account has to be held or for which attracts an agreed amount of interest.

Term Assurance
This is life assurance which pays out the insured sum on the death of the policy holder providing it occurs within the policy term. This is a common method to protect the mortgage in the event of death and to ensure that the mortgage debt is repaid. The most common types of this insurance are Mortgage Protection or Level Term Assurance. Mortgage protection is normally used in connection with a capital and interest mortgage and the level of the insured cover reduces in line with the reduction in the mortgage debt. Level Term assurance is more likely to be used in connection with an interest only mortgage as the level of cover remains constant as does the mortgage debt. With Term Assurance cover there is no pay-out if the policyholder survives the policy term and the policy simply lapses with no value. This factor makes this type of cover relatively inexpensive.

Tied Agent
A company sales person (or direct sales person) who promotes the products of his employer only, the company he or she is 'tied' to. They cannot search the whole market for the best product as an Independent Adviser can. Under the rules of the Financial Services Act they must make their status clear to the interviewee or applicant at the earliest opportunity.

Transfer
Movement of account from one provider to another or from one account to another with the same institution.

Trustee
Person responsible for administering the assets for the benefit of the beneficiaries.

Typical APR
The APR shown is for the company's typical borrower, and so is given as a best example. However due to individual circumstances and requirements the exact interest rate or cost may vary slightly. Specific costs or a quotation should be sought from the provider before commitment is made to the loan or credit agreement.