Level Term Assurance/Insurance
Level term assurance/insurance pays a fixed lump sum, which normally covers the fixed outstanding amount of an interest only mortgage.

Loan Amount
The amount of mortgage that you borrow from the lender to enable you to purchase your property.

Loan-to-Value (LTV)
The amount of mortgage finance compared (as a percentage) to the value of the property.

Libor
Or the London Interbank Offered Rate to give it its full title is the interest rate that banks charge each other for short-term loans. Libor rate will be quoted for a specific currency for a particular period of time.

LTV
Loan-to-value. The amount of mortgage finance compared (as a percentage) to the value of the property.