A-Z financial terms glossary & jargon buster

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Health cash plans

Low-cost insurance plan to help cover the cost of medical treatment (such as a visit to the dentist, optician or chiropodist) or to provide a small daily amount if you have to go into hospital. These plans do not pay out enough to cover the cost of private medical treatment. For more on health cash plans see our guide.

Higher-rate tax

Income tax rate for people with income above a certain amount. For more on income tax see our guide.

High lending fee

A one-off fee charged by some mortgage lenders if you borrow a high percentage of a property's value, such as a 90% mortgage. This fee, which used to be called a mortgage indemnity guarantee or MIG, covers the lender if you default on your repayments. For more on the costs of buying a home see our homebuyers guide on sorting out your finances.

Hire purchase

A loan from a company so that you can buy its goods. The loan plus interest must be paid back over an agreed period of time and you don't own the goods until the loan is repaid. For more on the various types of borrowing available see our guide.

Holloway plans

These are income protection plans offered by a small number of friendly societies to their members.

Home reversion scheme

A type of equity release scheme where you sell all or part of your home for a lump sum or regular income but continue to live in your home for as long as you want to. For more on equity release schemes see our guide.

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