The A-Z of Mortgages - B
Updated: Jan 6
We know how confusing mortgage jargon can be, so here we are with B from our A-Z of mortgages. Find the full glossary on our online blog (link below).
B is for...
Base Rate – Or to give it the full name, Bank of England Base Rate. This is the rate set by the Bank of England and sets the level of interest that banks charge for borrowing and pay for saving. The purpose is to regulate inflation. The current Base Rate (as of 20th August 2020) is 0.10%, which is the lowest it has ever been – it was reduced to this 19th March 2020.
Booking fee (also see arrangement fee) – If they are called booking fees, they are more likely to be payable upfront and be non-refundable.
Buy-to-Let – A type of mortgage that allows a property to be bought for the specific purpose of letting it out to tenants. These tend to be at higher rates than residential mortgages and Buy to Let mortgages are unregulated.
Buildings Insurance - an insurance policy that covers the financial cost of repairing damage to the physical structure of a property in the event of damage or theft. This includes the roof, floors, and walls, as well as any fitted or permanent fixtures (i.e. a fitted kitchen). The cause of the damage is important. A typical policy will cover the holder from damage which is out of their control, and may include the following: Flooding, Fires, Malicious damage and vandalism, and Storm damage..
Stay tuned for C coming soon, or visit our online blog for the full A-Z glossary here...
https://www.willowtree-fs.co.uk/post/a-z-mortgage-glossary For more in depth information, please contact us or call Rachael on 01323 436680 and book a FREE initial consultation today.