Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with B

Mortgage jargon buster

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Balance Sheet

A statement of financial accounts for a certain date, including, for instance, assets, liabilities and equity.

Bankrupt

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

Bankruptcy

The legal process by which a debtor who owes more than their assets has these assets transferred to a court-appointed administrator.

Base Rate

The rate of interest set by the Bank of England.

Basic Earned Income

Your basic salary, before tax, and without any bonuses, overtime, or shift allowances.

Beneficiary

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

Bond

A fixed length agreement to pay interest on a debt, for instance a Treasury Bond.

Booking Fee

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

Breach

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

Bridge Loan

A short-term loan commonly used to cover - or 'bridge' - the overlap between the purchase of a new property and the sale of an old one.

Broker

An agent or 'middleman' who brings parties together and who may also assist in the negotiation of contracts between them.

Broker's Fee

A fee charged by a broker for locating the most appropriate mortgage.

Building Society

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

Buildings Insurance

An insurance policy which pays the cost of repair or rebuilding in the event your property is damaged or destroyed. Most mortgage lenders will require you to take out buildings insurance as a condition of their loan.

Buy to Let

A particular type of mortgage designed for borrowers who intend to let the purchased property as an investment.

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