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A legal agreement which provides for the usage of an asset - usually a property - for a set time period.

Level term insurance

Also called level term assurance. Basic life cover in which the premiums and cover remain the same over the term. Cheap, but pricier than decreasing term cover.

Life insurance

Also known as life assurance, this is insurance paid to named beneficiaries when the insured party dies.


The process of ending the existence of a company: A firm will go into liquidation if it is unable to pay its debts. In this situation, the company's assets will be sold in order to pay the debts.


Liquidity describes the ease with which an asset can be converted into cash immediately. A liquid market is one where there are many buyers and seller and it is easy to sell your investments. For example, shares on the FTSE 100 index are liquid, while shares on the Alternative Investment Market (AIM) are not.

London Interbank Offer Rate (Libor)

The London Interbank Offer Rate (Libor) is the rate of interest which applies to the wholesale money markets lending between London banks.

Loan to value (LTV)

This is the ratio between the size of the loan you are seeking and the mortgage lender’s valuation of the property.

London Stock Exchange (LSE)

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