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IFA: Independent Financial Adviser.

Individual Savings Account (ISA) Mortgage: this is an interest- only mortgage which is linked to a tax-efficient Individual Savings Account (ISA) fund. At the end of the loan period, this pays off the outstanding loan amount.

Improvement Grant: a grant made by the local authority towards the cost of repairing or improving property. Further information with regard to grants is available from your local council / authority.

Instruction: this term is used when the estate agent or auctioneer is formally instructed by a property owner to market the property, usually by private treaty, in order to find a purchaser. The resulting contractual agreement confirms the terms under which the instruction is offered by the vendor and accepted by the estate agent.

Interest Charges (Mortgage): this is the actual cost of a loan, calculated as a percentage of the amount borrowed and charged by the lender accordingly.

Interest-Only Mortgage: this is one of two types of mortgage, the other being a capital repayment mortgage. The total amount due on an interest-only mortgage stays the same throughout the mortgage term – only the interest ( and a premium to an investment vehicle) are paid. The proceeds from the investment vehicle are then intended to repay the mortgage at the end of the mortgage term. The amount available will depend on the performance of the investment vehicle. A borrower who chooses an interest- only mortgage is responsible for ensuring that there are sufficient funds available for the repayment of their mortgage at the end of the term.

Inventory: this is a detailed list that describes the furnishings and contents of a leased property (and their condition). It is agreed between owner and tenant at the commencement of the tenancy in order that any dilapidation occurring during the tenancy can be identified.