Jargon Buster:

Our glossary results: 10 matches!

Wainscot

Finishing of wood panelling or boarding applied to the lower part of an internal wall.

Waiver of Premium

This is the option to have your endowment premiums paid by the life office in the event that you cannot work because of illness or accident. It works very much like an income protection policy. This does not come as standard with an endowment and costs extra.

Wall plate

Timber placed in the eaves to distribute the weight of the roof timber.

Warranty

A fully tradable security which provides the owner with the right to buy specific shares at a set price on a documented future date.

Water authority search fee

A fee charged by a solicitor as part of his conveyancing work for checking the infrastructture of the local water system and sewerage.

Wet rot

Decay of timber due to damp conditions but not as serious as dry rot.

With-profits endowment

Your monthly premiums are pooled together and invested for you by a life insurance company. The policy will have a basic sum assured which bonuses are added to, to build up a cash sum. This should be enough at the end of the term to repay the mortgage

Woodworm

A large beetle which infests timber and can cause severe structural damage. If suspected, seek professional advice.

Wraparound mortgage

A loan to a buyer for the remaining balance on a seller's first mortgage and an additional amount requested by the seller. Payments on both loans are made to the lender who holds the wraparound loan.

Writ

Method of starting legal proceedings against someone.

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