I

Improvement Grant
Grant made by a local authority towards the cost of repairing or improving a property.

Independent Financial Advisor (IFA)
Qualified person using specialised knowledge of the marketplace to select financial products to best suit the needs of their client.

Individual Savings Account (ISA) Mortgage
Mortgage designed for monthly repayments to be paid into an Individual Savings Account, which is used to pay off the loan at the end of the term.

Instruction
Engagement by a property owner of an estate agent to market the property.

Insurance
Protection against a specific loss over a period of time secured by payment of a regular premium.

Interest Charge
Fee charged by a lender on the borrower, calculated as a percentage of the amount borrowed.

Interest Only Mortgage
Mortgage where only the interest charges are repaid initially. Monthly instalments are invested by the buyer and repaid in full at the end of the term.