Unadopted road
A road that is yet to be registered as such by the Local Authorities. This usually happens when the road in question does not meet minimum standards required by the Local Authorities pertaining to, for example, its surface, drainage, etc. These type of roads are not repaired and/or maintained by council. Although they are often referred to as private, some of them are actually publicly used roads and cannot always be fenced off.

Under offer
The stage in the property sale process where the purchaser is negotiating the property sale price up to the point when the vendor finally accepts the same. As soon as offer is accepted by the vendor, the property in question becomes, what is known as, sold subject to contract or SSTC. Until the actual exchange of contracts has taken place, the property sale contract is not binding on either of the parties involved.

Underpayment
A payment in respect of a mortgage loan that is less than an agreed regular amount. Some lenders offer type of mortgages called flexible mortgages. These type of mortgages make it possible for the borrower, whose income is irregular or who would like to take a break from payment, to, occasionally, pay lesser amount than initially agreed.

Unencumbered
A term describing a property with no mortgage and/or loan secured against its value. A property becomes unencumbered when, for example, its owners make their final payment on their mortgage secured against their property.

Unit Linked
A term referring to the type of life insurance where the policy value is secured (backed) by the investments that are in shares via the life company or its unit trust.

Unsecured Creditor
Please also see Unsecured Loan. An individual or organisation that is prepared to lend money to their borrowers on the basis of their ability to repay only and not in exchange of interest in one of the borrowers' assets, such as property.

Unsecured Loan
Please also see Unsecured Creditor. A type loan that is given to borrower on the basis of his credit worthiness instead of being secured against one of his assets (usually property). This type of loan is of higher risk and , as such, may attract higher rate of interest. This is because it may be difficult to recoup the loan if the borrowers default on their payments.

Unit trust
A unit trust is a pooled investment created under trust dead. A unit trust in normally divided into units, where each unit is representing a part of trust's assets.

Unitised with Profits
A type of with profits investment which is unit-linked and where the price of the unit is protected from losing its value. Here it is easier to understand how the bonus is worked out as it relates to the actual accumulated fund and not to the sum that has been assured.

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