Build up your knowledge by using our
mortgage glossary, here to help you
understand the sometimes confusing terms
used to describe mortgages and other
financial related products. We have
laid out our glossary in an easy to use A-Z
Format. If you have any additions you would
like to see, please feel free to contact us
with your ideas. If you are looking for
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cricket finance
| balance sheet |
| One of the main components of a company's Report and Accounts, the balance sheet provides a snapshot of everything the company owes and owns at the end of the financial year in question. On a specific (More) |
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| bank of england (boe) |
| The central bank of the United Kingdom, similar to the Federal reserve in the United States and the Bundesbank in Germany. Its main functions are:
to ensure the stability and promote the efficiency (More) |
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| banker's draft |
| In situations where a person owes money to a creditor, and the creditor is not prepared to accept a personal cheque because he thinks it might bounce, a banker's draft can provide a solution. It is si (More) |
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| bankers automated clearing services (bacs) |
| BACS is an APACS clearing company which provides an automated clearing service for payments originated by Settlement Members or those they sponsor. |
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| bankruptcy |
| A person is declared bankrupt when their debts outweigh their assets. While bankrupt a person is not allowed to have a mortgage or borrow money in his or her own right.
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| base rate |
| The lowest rate at which a bank will charge interest.
Banks usually charge at a stipulated figure 'above base rate', and the figure will depend on all sorts of circumstances to do with the loan and (More) |
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| base rate tracker mortgage |
| A mortgage in which the rate of interest paid by the borrower follows movements in the base rate.
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| basis point (bp) |
| 1/100th of 1% expressed as a margin over an index rate.
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| big four |
| In the UK the four large clearing banks: Lloyds TSB, Barclays, HSBC and Royal Bank of Scotland.
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| bricks & mortar |
| This refers to the building only excluding any fixtures and fittings or goodwill. |
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| bridge loan (bridging loan) |
| A short term loan. |
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| broker fee |
| See brokerage fee |
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| brokerage fee |
| Commission or fees charged by a broker for conducting transactions for its clients.
Brokerage fees can be structured in lots of different ways. Some brokers charge a percentage of the contract valu (More) |
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| building sf |
| the usable square footage of the building.
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| buildings insurance |
| Insurance which covers the policyholder against certain building losses or damages which may occur. The insurers will usually specify a maximum claim limit (the sum insured) which is the full rebuildi (More) |
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| business mortgage |
| Another Term used for Commercial Mortgage
(See Commercial Mortgage) |
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| buy to let |
| A term used by potential or existing landlords, a buy to let mortgage is a mortgaged used to buy a property, and then let out the property. The proceeds from the let, usually go towards the repayment (More) |
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