The term 'IT'S SIMILAR TO A BALMORAL' can be solved by the three letter word TAM. TAM is a type of shoe, similar to a Balmoral, which is a style of dress shoe with a closed lacing system. The TAM o' Shanter is a traditional Scottish hat, and the TAM o' Shanter shoe is a style of shoe that takes its name from the hat. The TAM o' Shanter shoe is characterized by its closed lacing system, which is similar to the Balmoral shoe.