Describes a situation or a person where amounts owed by a person are greater than his/her assets and creditors have taken court action to ensure that the person's assets are administered by the official receiver in the payment of those debts.
Basic Earned Income
Your basic salary before the addition of, for example, bonuses, overtime and shift allowances and the deduction of income tax.
BOE: Bank of England
Britain's central bank which sets and maintains the basic lending interest rate. Some mortgage products (trackers) have interest rates linked directly to the Bank of England base rate. See 'Trackers Mortgages' in our 'Mortgages explained' section.
Another term to describe administration or arrangement fees.
A short term loan used where an owner has bought a new property before the previous one has been sold.
A fee charged by a mortgage broker to a borrower for arranging a mortgage.
Your mortgage will usually require you to keep your property insured for the total estimated cost of rebuilding in case it is damaged or destroyed. Your valuation will include a figure for 'Reinstatement' which is used to calculate buildings insurance. You should note that the figure on which is rarely the same as the value of the property used when applying for a mortgage.
A special type of mortgage specifically designed for borrowers who want to own a property but rent it out, usually as an investment.