LATE PAYMENT FEE
If you're late paying a debt, such as your credit card bill or mortgage, you will normally be charged a fee. The levels can vary depending on the type of contract.

LEASEHOLD
If you own your property on a leasehold basis, you own the building for the length of the lease (which is typically up to 99 years), but you don't own the land that the building stands on. Crucially, once the lease runs out, the property belongs to the freeholder.

LEGAL CHARGE
A document which sets out who has a financial claim on your property. If you have a mortgage, the mortgage lender will have a 'first charge'. If you take out another loan with a different lender, it is a 'second charge' and so on.

LEGAL RIGHTS
Under Scottish law, when someone dies, their husband/wife or civil partner and children are entitled to part of their 'moveable property' or 'moveable estate' - namely, money, jewellery, shares, cars and furniture they may own. The amounts vary depending on whether or not the person who's died has any children.

LEVEL TERM ASSURANCE
A life insurance policy that will pay out the same level of lump sum throughout the term of the policy. It's traditionally sold alongside an interest-only mortgage, unless the borrower is using an endowment to pay it off (as endowments have life insurance included).

LIFESTYLING
Something that's offered as an option on some pension funds. As you get closer to retirement (typically between 10 and 5 years before you retire), money is moved away from shares and share-based investments into lower risk gilts and other bonds. The idea is that the fund you've built up is given some protection if the stock market plummets before you retire.

LIFETIME ALLOWANCE
A limit on the amount you're allowed to have in your pension fund before you have to pay tax penalties. In the current tax year (2009-10) the lifetime allowance is £1.75 million.

LIFETIME MORTGAGE
A type of equity release product where you can take out a mortgage if you're aged 55-60+, but don't make any payments while you're alive. Interest is rolled up and the total amount you owe is repaid when the property is sold after you die. It can be a useful way of getting extra income or a lump sum without having to sell up and move house, but it can be expensive and sometimes, inflexible. Take advice from an expert independent financial adviser who specialises in this area if you're considering it.

LOADING
The extent to which you pay higher insurance premiums than someone who is seen as a 'standard' risk. Your premiums might be higher if you've had a medical condition (if you're taking out travel or medical insurance) or if your property is in a flood risk area (if you are buying buildings or contents cover).

LOAN TO VALUE (LTV)
The percentage of the property's value that a mortgage lender will let you borrow. Mortgage rates are often tiered so the higher the loan to value, the more expensive the mortgage is likely to be.

LOSS ADJUSTOR
Someone employed and paid for by the insurance company to calculate the value of a claim. They're generally used on large household claims, but may also be used on smaller claims if they're complicated.

LOSS ASSESSOR
If you're making a claim against an insurance company and you think it's trying to wriggle out of the claim or pay you less than it should, you can hire a loss assessor to work out the value of a claim and provide evidence to support this figure.