Mortgage Glossary: B

Glossary of Terms
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Base Rate Bank of England base interest rate is set by the MPC (Monetary Policy Committee.) This is the minimum lending rate and is the basis for UK borrowing and lending. Base rate is used as a measure of investment returns.
Bailee A bailee is someone who keeps other persons’ goods in safe custody.
Bailiff A bailiff is an officer of the court whose job is to execute writs and serve possession orders.
Bankrupt An individual who has gone bankrupt. Following a bankruptcy order, assets may be distributed amongst creditors.
Bankers Draft A bankers draft is a way of paying funds.
Bona Fide Bona Fide is Latin, and means genuine, real or in good faith.
Breach of Contract Breach of contract refers to the failure to comply with the terms of an agreement.
Break Clause A break clause is built into a lease agreement, and gives the tenant or landlord the right to terminate the agreement, under specific circumstances, before the date it is officially due to end.
Break-even Break-even is the level at which an investment project recovers all of its costs and starts making profit.
Bridging Loan Bridging loans are short-term methods of borrowing money in order to buy an expensive item such as a house, usually before another house is sold. Bridging finance can often come at higher rates, and can be financially risky if it draws out over a period of time.
Building Contract The building contract is a written agreement between the owner or occupier of a property and a builder commissioned to carry out work on the property. The contract sets out the details of the building work needed, including the specifications, payments and penalties for late completion.
Building Control Building control refers to the requirement for the supervision and control of building work, a service carried out by local authority or approved inspectors. All building work carried out in England and Wales should meet current building codes and regulation requirements.
Buildings Insurance An essential part of being a landlord, buildings insurance covers the property purchased in case of damage.
Buy to let mortgage Buy to let mortgages are loan schemes designed to encourage private individuals to invest in property to let. Many mortgage lenders participate by lending at a competitive rate.

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