B

Base Rate
Interest rate set by the Bank of England. Variable mortgage rates will often be adjusted depending on movements in the Base Rate.

Borrower
Person who is obligated to repay a loan in accordance with its terms.

Break Clause
Defines the point at which a contract may be terminated.

Bridging Loan
Temporary loan designed to enable a property to be purchased prior to the sale of another property.

Buildings Insurance
Insurance policy required by lenders and designed to cover any structural damage to a property.

Building Survey
Detailed report on the construction and any defects of a property, following a thorough inspection carried out by a Chartered Surveyor. Also known as a Structural Survey.

Buyer
Person who is buying a property. Also known as the Purchaser.

Buy to Let Mortgage
Mortgage designed for buying property that is intended to be rented to tenants for investment purposes.