Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with O

Mortgage jargon buster

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Occupational Pension

A pension scheme run by trustees which and which may be either fully or partially funded by an employer.

Ombudsman

The independent body that has responsibility for investigating complaints about member institutions. In relation to mortgages, this will either be the Banking Ombudsman, the Building Societies Ombudsman, or the Mortgage Code arbitration scheme.

Open Market Value

See Fair Market Value

Other Income

Income that is in addition to basic salary.

Outgoings

See Liabilities

Outstanding

The amount of money remaining to be paid.

Overpayment

Situation where repayments are increased so that the mortgage is repaid before the end of the agreed term. Some mortgages (flexible mortgages) allow for overpayment, but others may impose early redemption penalties for overpayment.

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