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Mortgage Glossary Letter "B"
A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
Click on the letter or the term you wish to have defined. You will them be take to a page with an explanation for what the term means
Base Rate
This is the minimum rate at which banks are prepared to lend money. The base rate of high street banks follows signals from the Bank of England, and the rate acts as a benchmark for other interest rates including mortgages.
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Beneficial Owner
Your lender might add extra costs to your mortgage – these may include indemnity, administration or arrangement fees. Your agreement might state that these are ‘added to loan’ – they’re part of the mortgage amount you must pay back, with interest.
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Booking Fee
This is another term that describes an administration or arrangement fee.
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