IFA
Independent Financial Advisor.
Indemnity
Building societies operate in accordance with the Building Societies Act. This provides that the maximum advance they can make on a property without additional security is 75% of the purchase price or surveyor’s valuation for pre 1919 properties, and 80% for post 1919 properties. When a society lends in excess of this percentage, the excess is guaranteed by an indemnity policy. A single premium is payable by the purchaser when the mortgage is taken out.
Interest Only Mortgage
An interest only mortgage stays the same throughout the mortgage term. When choosing an interest only mortgage, the purchaser is responsible for ensuring that they have sufficient funds available to repay the mortgage at the end of the term.
Inventory
A list describing the condition of furnishings and the contents of a leased property at the start and end of a tenancy, in order that any dilapidations during the tenancy can then be identified.
Informal Tender (sealed bids)
Requires competing buyers to submit their best bids by a specific time and date. It is not a legally binding contract.