Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.

  • Bank of England Base Rate

    The Bank of England 'repurchase' or 'repo' rate which is the main factor influencing interest rates charged by lenders.

  • Basic Mortgage Valuation

    A basic mortgage valuation is the minimum valuation required by a lender and helps them decide if the property is suitable to secure the loan and if it is worth the amount they are going to lend you. It is only a limited inspection of the property and does not cover everything about the property's condition or look for hidden problems. You should not rely on it when deciding whether or not to buy the property. You might prefer a more comprehensive survey (see 'Homebuyer survey' & 'Detailed building survey' for details).

  • Basic Variable Rate

    This is the standard rate of interest that is charged by a mortgage lender which may be increased or decreased periodically by the lender depending on prevailing economic conditions.

  • Best Offers

    A strategy to sell your house in a short 4-6 week marketing period with 2 open house events. Buyers make their best offer by sealed bids, which are opened after the marketing period.

  • Borrowing Multiples

    These govern how much you can borrow and are usually worked out as a multiple of your salary. The multiples used will vary from lender to lender, although typically they will be 3 times the larger salary plus 1 times the second, or 2.75 times your joint income, whichever is the highest.

  • Bridging Loan

    This is a temporary loan providing financial cover which will allow a buyer to complete on the purchase of a new property before selling their previous property.

  • Buildings Insurance

    Insurance which provides cover if the structure of your home is damaged.

  • Buy-to-Let Mortgage

    This is a type of mortgage specifically designed for investors buying property with the intention of letting it out, usually as an investment.