Mortgage Glossary

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 personal finance like credit cards or loans, please visit cricket finance

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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)
 
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)
 
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)
 
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.
 
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.
 
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)
 
base rate tracker mortgage
A mortgage in which the rate of interest paid by the borrower follows movements in the base rate.
 
basis point (bp)
1/100th of 1% expressed as a margin over an index rate.
 
big four
In the UK the four large clearing banks: Lloyds TSB, Barclays, HSBC and Royal Bank of Scotland.
 
bricks & mortar
This refers to the building only excluding any fixtures and fittings or goodwill.
 
bridge loan (bridging loan)
A short term loan.
 
broker fee
See brokerage fee
 
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)
 
building sf
the usable square footage of the building.
 
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)
 
business mortgage
Another Term used for Commercial Mortgage (See Commercial Mortgage)
 
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)
 

 

 

 

 

 

 

 

 

The overall cost for comparison is 10.53% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Early repayment charges apply. A broker fee of 1% may apply.  Your home may be repossessed if you do not keep up repayments on your mortgage.Our Financial Resources directory is available here