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bank
- an institution authorised by the Bank of England
under the Banking Act 1987
base
rate
- introduced by banks following the abolition of
Minimum Lending Rate by Geoffrey Howe, the then Chancellor of the Exchequer,
in 1981.
Commonly used to refer to the mortgage lender's standard variable rate.
basic annual income
- the amount of money earned that is guaranteed
regardless of the individual or the company performance.
See other income.
bankrupt
- an individual who has been declared bankrupt in
accordance with the Insolvency Act.
A supervisor is appointed to receive a bankrupt person's earnings. The
bankrupt is permitted to receive an allowance on which to live with the
balance being reserved for the benefit of his or her creditors.
A bankrupt person is not permitted to hold a bank account or apply for
credit in excess of £250 without the court's permission.
bankruptcy: discharge from
- After a
period, normally three years, the debtor is discharged from bankruptcy, his
debt being treated as paid. A discharged bankrupt is likely, however, to
experience severe difficulties in borrowing money. Credit reference agencies
will normally identify former bankrupts for 15 years after their discharge.
booking fee
- fee charged by a lender to secure mortgage funds, payable at the time the
application is submitted. Normally applies to special offer loans, such as
fixed or capped rates.
broker
fee
- fee charged by an intermediary to the
applicant for negotiating a loan.
Under the Consumer Credit Act the maximum fee that a broker may retain in respect
of credit broking services if a loan has not completed within six months of
the date of introduction to a lender is £3.00
building society
- an institution regulated by the Building Societies Act.
Building Societies are mutual organisations owned by their members and are
restricted as to the amount of their funds which they are allowed to raise
from the money markets.
In addition, the Building Societies Commission lays down restrictions on
their lending criteria. Thus building societies are less able to help with
certain categories of loans than are banks.
buildings insurance
- insurance covering the structure of the building which you must have.
Where the property is leasehold the buildings insurance will normally be
arranged by the freeholder and the cost charged on to the leaseholder within
the service charges payable.
As a general rule of thumb any item which cannot be taken away by the owner
is covered by the buildings insurance, anything which can be removed should
be covered by the
contents insurance. This is only a guideline and any doubts should be
raised with insurers as this definition can prove problematic in some
instances, such as fitted carpets.
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B
bank
BOE-Bank of
England base rate
base rate
basic annual
income
bankrupt
bankruptcy:
discharge from
booking fee
broker fee
building society
buildings
insurance
Introduction
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