Money Terms in Plain English.

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Joint account

A bank account in more than one name.

In plain English:A bank account shared by two or more people. Each can usually use all the money, and each is responsible for any overdraft.

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If one holder dies, the money usually passes to the other. Either holder can usually take out all the money.

Some couples keep a joint account for bills and separate ones for personal spending.

For example: A couple puts money into a joint account each month and pays the rent and bills from it.

Article inside Foliopeak: Joint Accounts and Joint Mortgages: Whose Share Is Whose

Joint and several liability

When people share a debt and each one can be made to pay all of it.

In plain English:When you share a debt, like a joint loan or tenancy, the lender can chase any one of you for the whole amount, not just your share.

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Lenders and landlords prefer it because they can chase whoever is most able to pay. It's common in shared renting.

Splitting up doesn't end it, so it's worth sorting out joint debts formally.

For example: Three friends rent a house together. When one leaves without paying, the landlord asks the other two for the full rent.

Article inside Foliopeak: Debt Help: Free Advice and the Formal Options

Joint borrower sole proprietor mortgage

A mortgage where a relative helps with the loan without owning the home.

In plain English:A family member, often a parent, joins your mortgage to help you borrow more, but only you own the home.

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The relative's income helps the buyer borrow more. They're still fully responsible for the loan.

Lenders often have age limits for the relative. Advice for everyone involved is wise.

For example: A father joins his daughter's mortgage to help her borrow enough, but only she owns the flat.

Joint tenants and tenants in commonApplies in England, WalesEnglandWales

Two ways to own a home together, which decide who gets it when one owner dies.

In plain English:As joint tenants, if one owner dies the other gets the whole home. As tenants in common, each owns a share they can leave to anyone in their will.

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Joint tenancy suits many married couples. Tenancy in common suits people who've put in different amounts or want to leave their share to others.

You can change from one to the other. Scotland has its own rules.

For example: Two friends buy a house as tenants in common, 60:40. When one dies, their share goes to their family under their will.

Article inside Foliopeak: Joint Accounts and Joint Mortgages: Whose Share Is Whose

Joint-life annuity

An annuity that keeps paying your partner after you die.

In plain English:An annuity that keeps paying an income to your partner after you die. It pays a bit less to start with.

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The second person usually gets a percentage, such as half or two-thirds, of the first income. You choose this at the start and can't usually change it.

It's important if a partner relies on your pension.

For example: A man buys a joint life annuity. When he dies, his wife keeps getting two-thirds of the income for the rest of her life.

Junior ISAUK

A tax-free savings or investment account for a child.

In plain English:A tax-free savings or investment account for a child. Anyone can pay in, but only the child can take the money out, from eighteen.

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It has its own £9,000 a year, separate from any adult's allowance.

Anyone can pay in, such as grandparents. From 16, the child can manage it themselves, though they can't take money out until 18.

For example: Parents, grandparents and friends can all pay in for a child, up to £9,000 a tax year between them.

Figures checked 11 November 2026. Source: gov.uk (opens in a new tab)

Article inside Foliopeak: Junior ISAs and Saving for Children

Junior SIPPUK

A pension a parent can open for a child.

In plain English:A pension that a parent or grandparent can open for a child. The government adds tax relief, but the child can't touch it until much later in life.

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Up to £3,600 a year can go in including tax relief.

Parents and grandparents can pay in. It's locked away for decades, so it can grow a lot.

The money belongs to the child, and they control it once they're 18, though they can't take it until pension age.

For example: Grandparents pay £2,880 a year into a grandchild's Junior SIPP, and tax relief tops it up to £3,600.

Article inside Foliopeak: Children's Money Beyond the Junior ISA