Occupational Pension
A type of private pension scheme, often referred to as company pension, works pension or superannuation. Some employers offer this type of pensions to their employees and should be in a position to provide you with further information pertaining to this scheme. This type of pensions contributions are paid in addition to the basic State Pension.

Offer (England & Wales)
An indication expressed by the prospective buyer of his intention and/or willingness to purchase the property for the amount suggested by the seller or offered by the purchaser.

Offer Letter
A formal document issued by lender to the prospective borrower confirming the suggested amount of loan, terms of the loan and any conditions attached.

Offer of a loan
Same as Offer Letter. A formal confirmation by the mortgagor to lend money to prospective mortgagee.

Offset mortgage
Offset mortgage is often compared with a flexible mortgage. In case of an offset mortgage account holder is expected to hold savings in the same or link account. Amount of savings is offset against the mortgage and interest is only charged on the balance.

Ombudsman for Estate Agents
A voluntary scheme open to the estate agents that was established in 1998. It offers free and independent service for resolving disputes between landlords, who are OEA members and tenants, estate agents and vendors and/or purchasers of residential properties.

Open Market Value
Please also see Fair Market Value. A term referred to the amount of money specified property might fetch if sold on the open market within the reasonable period of time.

Other Income
Reference to any additional income apart from one’s salary, for example, Child Benefit, regular maintenance payments, Working and/or Child Tax Credits, etc.

Outgoings
Please also see Liabilities.A term that refers to current outstanding debts, such as mortgage, credit and/or store cards, school fees, hire purchase, living expenses, etc.

Outstanding Balance
Reference to the total amount of money left to be repaid on one’s mortgage, loan, credit and/or store cards.

Overpayments
A term referred to any additional sums of money paid by the borrower towards his mortgage, loan, outstanding balance on credit and/or store cards. These payments are usually made to reduce the interest that is calculated on the remaining balance and to pay the balance off within the shorter time period. Overpayments on one’s mortgage may attract fine knows as Early Redemption Penalty or Charge.

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