Definitions - B
- Base Rate
- The basic rate of interest upon which other interest rates are based.
- Borrower
- The person taking out a loan or mortgage on a property that they own, sometimes also known as the Mortgagor
- Boundaries
- The boundaries define the extent of the property and are usually marked out on the ground by fencing or hedging. Boundaries are also often although not always shown on the deeds plans.
- Bridging Loan
- This is a loan taken out to “bridge” the gap whilst waiting for the sale of a property or the receipt of a mortgage.
- Brine Search
- A search to establish if a property might be affected as a result of disused workings near the property.
- Building Insurance
- Insurance taken out by the owner of the property to insure the property against risks such as fire, landslip etc. The responsibility to insure the property often passes to the buyer on exchange of contracts. See our links page for Buildings Insurance.
- Building Regulation Consent
- Approval by the local authority on the design and materials used in building work.
- Buy To Let
- This is where a buyer buys a property with the intention of letting it out on a commercial basis. There are usually mortgages specific to this type of purchase known as Buy to Let Mortgages.
- Buyer
- This is the person that is buying the Property, sometimes also known as the Purchaser.
Terms - B
Mortgage competition 'great news' for buyers
Home buyers will benefit from a battle being waged between Britain's two biggest lenders, as they fight to secure new mortgage customers, it has been claimed.
Home sellers 'moving into letting sector'
With many sellers waiting for house prices to pick up before placing their properties on the market, a growing number are choosing to rent them out to tenants in the mean time, according to new research.
How to beat the credit crunch
New guide packed with practical ideas and tips to help you survive the Credit Crunch just launched
Landlord possession rates continue to drop
The number of landlords being forced to pursue possession claims against their tenants fell during the second quarter of 2008, according to the latest statistics from the Ministry of Justice.
Home sellers 'investing in long-term'
Given the current economic situation, home owners are becoming more prepared to increase the valuation of their existing house with improvements such as underfloor heating, it has been revealed.
Sellers need "kerb appeal"
As the slowdown in the housing market continues and industry experts seem undecided about whether prices will fall further, many homeowners are left struggling to sell their property.
Survey reveals 98 per cent of buyers can secure a mortgage
The vast majority of homeowners do not have an issue arranging a mortgage, according to new research from HSBC.
Law Commission's plans to regulate buy-to-let market
The Law Commission has announced plans to tighten the regulation of the buy-to-let and private rented market which it hopes will improve standards.
Shard-equity mortgage enquiries on the up
Those trying to get onto the housing ladder may want to consider a shared-equity mortgage.
Industry body calls on government to make decision on 'stamp duty holiday'
The latest report from the Royal Institute of Chartered Surveyors (Rics) has hinted at a stabilisation of the housing market over the coming months.
Northern Rock rate cuts - sign that 'competition is returning to home loan market'
The fact that Northern Rock has launched a range of new mortgages is sign that "competition is returning to the home loan market", the Guardian reported.
Industry body gives tips to landlords
Whilst many landlords are reaping the benefits of increasing demand for rental properties and high yields on properties, an industry body has issued advice on surviving the economic downturn.
Scottish housing market 'most resilient' while London and south-east 'strongest'
Consumers concerned about falling house prices should consider Scotland or London and the south-east.
Rental demand 'high' and yields 'good'
As the housing market cools, professional investors could be set to benefit from falling prices, the Times has reported.
AHIPP claim Hips help process of buying and selling
According to the Association of Home Information Pack Providers (AHIPP), there is no doubt that Home Information Packs (Hips) have delivered benefits to both buyers and sellers.
Sale and rent back scheme code of practice for landlords
The sale and rent back system that offers those facing repossession the option to sell their property and then have it rented back to them is being examined by the National Landlords Association (NLA).
Tips for selling property
It is currently taking, on average, 11 weeks to sell a property and Simon Hills of the Times has revealed tips on how "canny sellers" can beat a cooling housing market.
High street bank cuts rates
Cash-strapped borrowers will be pleased to hear that Abbey is cutting the rates on some of its two and three-year fixed and tracker deals by up to as much as 0.10 per cent.
Housing market 'is stabilising'
Those in the capital looking to sell property will be pleased to hear that the market is stabilising.
Sellers look to home improvements to boost property value
Homeowners are making improvements to their property in the hope of making it more attractive to prospective buyers.
Stamp duty suspension could help first-time buyers
First-time buyers may benefit from a government proposal to waive stamp duty to help struggling consumers get onto the housing ladder.
Energy performance certificates could make homes 'more desirable'
As the credit crunch hits homeowner's pockets those who are considering moving are keeping a close eye on the associated costs and are keen to find ways to find ways of cutting back.
'Kid's digs' are 'adding value' for those looking to sell property
Homeowners who are keen to add value to their property before selling it may want to consider building a wooden chalet in their garden.
Shared ownership schemes popular
As lending criteria becomes tougher and borrowers are expected to raise larger deposits, shared ownership schemes are giving first-time buyers a lifeline to get onto the property ladder.
Estate agents accused of not providing buyers with Hips
A number of estate agents have been accused of breaking the law by not providing prospective buyers with Home Information Packs (Hips).
Consumers urged to keep house price figures 'in perspective'
Whilst the Nationwide house price index has shown that house prices have fallen again by 1.7 per cent, the National Association of Estate Agents (NAEA) has said that the figures need to be taken in context.
Proposal for improvements to Hips
A new Property Information Questionnaire (PIQ) may be introduced to help simplify the information contained in Home Information Packs (Hips).
Buy-to-let investors need to be 'selective' about property
Buy-to-let investors can still make money in the current market but they must be "very careful" to ensure they get the correct advice and select the right property.
Lender cuts rates on buy-to-let mortgages
Property investors will be pleased to learn that one of the high street's biggest lenders has announced that is will be cutting interest rates on its buy-to-let mortgages.
Buy-to-let investors looking at UK holiday homes
There are an increasing number of buy-to-let investors who are hoping to put money into a holiday home in the UK, according to new research.
Next two years 'excellent time to snap up' bargains
There are opportunities for those in a strong financial position to snap up a bargain as the housing market slowdown signals the start of the "Great British property sale".