;

Balance Sheet
Summary (usually in a form of a statement) of one's financial condition on a given date typically consisting of three parts such as assets, liabilities and equity.

Bankrupt
A person who officially declared his inability to pay outstanding debts and instructed courts to deal with creditors.

Bankruptcy
The process defined by law whereby a person having officially declared his inability to pay outstanding debts transfers responsibility to deal with creditors to the administrator appointed by courts.

Base Rate
A rate of interest that is always set by the Bank of England which is followed by most lenders when setting their own rates that could be set above or below the Base Rate.

Basic Earned Income
Same as Basic Income

Basic Income
An income often referred to as gross income, for a set period of time prior to deduction of taxes but not including bonuses and commission.

Basic variable mortgage rate
A rate of interest applicable to mortgage products set by the lender that could be varied following, for example, the change of the Basic Rate, etc.

Basis Point
A point that represents 1/100th of 1%. For example, there is 12 basis points difference between a loan at 7% and a mortgage at 7.12%.

Beneficial Owner
In law, a person who benefits from set property rights where the actual title of the property belongs to someone else.

Beneficiary
A person who is set to benefit from the provisions of the certain insurance policy, contract, will, etc

Benefit Period
A period of time defined by the lender whereby the rate of interest on a mortgage is fixed.

Bond
Similar to a loan whereby an authorised person (borrower or issuer) issues an official paper (bond) confirming that the debt is owed to the lender (bond holder) and will be repaid later in accordance with agreed terms.

Bonding Scheme
A scheme usually set up by the members of trade or profession to set a compensation fund for consumers in cases of fraud or insolvency.

Booking Fee
Sometimes referred to as a Reservation Fee, a payment that secures a certain benefit, for example, special interest rate, particular product, etc providing that all the relevant information and/or application form is received by the set date.

Breach
Non-compliance with the agreed terms of contract, warranty, etc.

Bridging loan
A loan for a short period of time, the sole purpose of which is to enable the person to proceed with the purchase of the property before his own property is sold.

Bridging Finance
See the above

Broker
A professional person who is qualified to advise on the financial products available to date. Also see Mortgage Broker or Intermediary.

Broker Fee
A payment in respect of the services provided by the Broker and/or Intermediary.

BSA
Building Societies Association is the trade organisation for the UK building societies.

Building Society
A mutual society that is owned by its members and is regulated by the Building Societies Act 1986 that offers mortgage products and savings accounts.

Buildings Insurance
A cover required by most of the lenders for your building against the loss and/or structural damage, damage to the fixtures and fittings, outbuildings, etc.

Buildings and Contents Insurance
Combined insurance covering both the structure of the property, and its contents. A cover for the building and contents protecting against the loss and/or damage.

Building survey (formerly full structural survey)
A thorough inspection of the property, subject to mortgage, remortgage, extensive alterations, etc, undertaken by the chartered surveyor.

Buy to Let Mortgage
A mortgage that enables the person to purchase the property with the sole aim to let the same out.

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