Basic Variable Mortgage Rate
The mortgage lender’s standard rate of interest, which may be increased or decreased depending on prevailing economic conditions.
A person for whose benefit property is being held by trustees, executors or administrators.
A break clause gives the tenant or landlord the right to terminate a Tenancy Agreement, under specific circumstances, before the date it is officially due to end. Usually requires written notice.
A temporary loan that allows a buyer to complete on the purchase of a property before selling their previous property by covering the overlap.
Building survey (formerly full structural survey)
A full inspection of the property, conducted by a chartered surveyor, who will write a detailed report setting out the soundness of a property and any property defects. Suitable for any house, particularly older properties and those that have been poorly maintained as well as properties that have been extensively altered or extended, or any property due to be altered or extended.
An insurance policy that pays the cost of repair or rebuilding in the event your property is damaged or destroyed. Most mortgage lenders will require buildings insurance to be taken out as a condition of their loan.
Prior to the owner of a property carrying out extension work, alterations or structural changes, building regulations need to be obtained from the local authority giving their approval for the work to commence.
Buy to Let Mortgage
A type of mortgage designed specifically for investors who are buying a property with the intention of then letting it out.