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Abacus-money Jargon

B

Bank Of England Base Rate

This is an interest rate set bt the bank of England. If this is altered in an attempt to control the overall economy, then the lenders will normally follow its movement and alter their own Standard Variable Rate.

Bankrupt

An individual debtor (person, company or corporation) whose assets are administered by a court appointed trustee for the purpose of redistribution to the debtor's creditors.

Beneficiary

A person entitled to benefit, for instance under the terms of a trust or a will.

Booking Fee

A charge levied for the arrangement of a mortgage, which usually guarantees funds or guarantees a rate for fixed or capped rate mortgages.

Borrow Back

Borrowing back is only available to flexible mortgage holders. It allows you to borrow back overpayments you have made if at any point you need extra cash so if you want to buy something costly, or you run into unforeseen expense, the money is at hand.

Breach

A violation of any legal obligation, for instance breach of warranty or breach of trust.

Bridging Finance

A temporary loan which enables you to complete the purchase of a new home if you have to do this before completing the sale of your existing property.

Broker

An agent who brings parties together, who may also assist in the negotiation of contracts between them. Can provide advice on the most suitable products.

Broker Fee

A fee charged by a broker for locating the most appropriate mortgage. Our typical broker fee is £299, however it could be as much as 1% of the loan amount, payable on completion. The precise amount will be dependent on your circumstances.

Building Society

A mutual society whose purpose or principal purpose is to provide mortgages and savings accounts.

Buildings Insurance

What you must have to protect your property against hazards such as fire, flood and subsidence.

Buy To Let

A particular type of mortgage designed for borrowers who intend to let the purchased property as an investment.Buy to Let mortgages are not regulated by the Financial Services Authority