GLOSSARY - B
Base
Rate |
The minimum rate at which banks are prepared to lend money. |
Beneficial
Owner |
A legal term which refers to the person who has the right to live in a asset and use it as he wishes although he may not actually have full ownership, for example a leaseholder. |
Booking
Fee |
Fee which is payable upfront to either source or reserve funds for a mortgage. |
Bridging
Loan |
This is a short-term loan often used by purchasers of a property who need funds for a limited period of time. |
Building
Societies Association (BSA) |
Association representing interests of member societies. |
Building
Society |
This is a mutual organization owned by its members, its savers and borrowers not by shareholders. Its purpose is to lend money to people to purchase or remortgage their homes. |
Buildings
Insurance - rebuilding cost |
Insurance covering the cost of repairing the structure of your property following such events as fire, explosion etc. |
Buildings
Insurance - risks usually covered |
Fire, Lightning, Earthquake, Explosion, Thieves, Escape of water from tanks or pipes, Riot and malicious persons, Aircraft or things falling from them, Subsidence, landslip and heave, Storm and flood, Impacts by vehicles or animals, Breakage or collapse of aerials, Escape of oil from fixed heating installations. |