Welcome to our Mortgage Glossary. Here you will find definitions for more commonly used mortgage terms, making the jargon clearer. If you're unsure of any words or phrases, simply use the guide below.
Bank of England (BOE) Base Rate
The base rate is the interest rate that the Bank of England charges Banks and Building Societies for secured overnight lending.
A booking fee is usually required when you submit an application. It is paid to 'book' or 'reserve' the funds on the product. They are generally paid upfront and are non-refundable.
On some mortgage products there is a booking fee and an application fee payable.
Buildings insurance covers the bricks and mortar of the property and the fittings; for example, sanitary ware. If you are buying a leasehold property, the buildings insurance is normally covered in the lease. Your solicitor will be able to advise you if your lease means you have to take out buildings insurance.