|Bank Of England|
|Bank Of England's Monetary Policy Committee||
The Committee that controls the setting of the Bank's Base Interest Rate, although the Government has the power to give instructions to the Bank on interest rates for a limited period. It meets monthly.
The rate set is the ?Repo' rate ? the base rate which sets a benchmark for other interest rates, including personal loan and mortgage interest rates.
|Banker's Automated Clearing Service||
Electronic funds transfer which is free of charge and takes 3 days -> They are entered into the system on the first day, processed on the second day, and cleared on the third day.
A Faster Payment alternative is also available that can be instant but may have to be requested depending on the bank, sometimes referred to as FastPay
A physical document like a cheque, however the money has already been debited straight from the account. The person receiving the bankers draft is therefore confident the money is safe and does not have to wait for clearing.
There is normally an administration fee to obtain a bankers draft, as well as you having to give a notice period, normally of at least 24 hours.
|Below Market Value|
This is the person owning land and who is therefore entitled to it for his/her own benefit. This is different from say a trust etc that may hold land for the benefit of someone else
One who benefits from another, such as the act of invoking an insurance policy or deed of trust.
|Break Clause/Release Clause||
Clause within a contract that allows the exit of that contract, normally with stipulations. These are sometimes used in conjunction with fixed term tenancies and will normally allow either party to get out (normally with about 2 months notice) before the end of the new term.
For example: in an AST after the first 6 months is over when it comes to renewal, either party (landlord or tenant), will often request that a break/release clause be entered into the agreement, if they are unsure whether they will want to continue renting the property for the duration of the next 6 months.
This is a temporary short term loan that enables you to buy a property and bridges the gap between the purchase of one property and sale of another. It should not replace a normal mortgage as the fees and interest are high.
This is a person that advises on mortgages (aka Mortgage Broker), or potentially any other financial product.
Insurance that is required to cover against your property being damaged or destroyed. The sum insured covers the estimated cost of rebuilding the property. (keep in mind this can vary greatly from the market value of the property.)