Mortgage glossary - b

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Mortgage terms defined on this page:

• Base Rate
• Beneficial Owner
• Booking Fee

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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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.