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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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"Bad Credit" is a general term used to describe a poor credit rating. This happens when Borrowers make loan or other repayments late, borrow more than they can afford to repay, are/have been declared bankrupt, or have CCJ's registered against their names. |
Balance Outstanding |
The amount of loan plus any accrued interest or charges owed at a particular time. |
Bankruptcy |
A legal status for those who are not able to repay their debts and are declared "Bankrupt" by the courts. |
| This is a search at the Land Charges Department of the Land Registry to find out whether there are any registered or pending bankruptcy petitions or other similar orders against individuals or companies. Every bankruptcy petition in England and Wales is registered at the Land Charges Department. |
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Base Rate |
| The Bank of England sets an interest rate each month known as the 'Base Rate'. It is the minimum rate at which banks are prepared to lend money - it acts as the benchmark for other interest rates, including personal loans and mortgages. |
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Basic Valuation |
| The simplest form of valuation required for mortgage purposes which is not as comprehensive as a homebuyer report or a full structural survey. |
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A named person on a credit agreement. |
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Broker |
| An Intermediary who arranges financial services for applicants with a Lender. The Broker generally undertakes all the applicants’ research and carries out the administration involved in processing the loan. |
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BSQ |
| Refer to Building Society Questionnaire. |
BTL |
| Refer to Buy to Let. |
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This insurance covers the cost of repairing or rebuilding the structure of your property following such events as fire, explosion etc. It also generally covers some of the "permanent" fixtures of your home such as washbasins, toilets, etc. |
Building Society Questionnaire |
| A standard questionnaire completed by a Bank/Building Society or Finance House in order to provide a Lender with a reference on the conduct and outstanding balance of a person’s current mortgage including confirmation of any mortgage arrears in the last 6 – 12 months. This is very important information as it will determine the rate and plans available for a secured loan. Today much of this information can also be found on an individuals person credit file held by a Credit Reference Agency which the Lender can view if they conduct a Credit search. |
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Business Loan |
| A loan used for business purposes. |
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Buy to Let |
| A Buy to Let Mortgage is a type of funding that has been designed to assist Borrowers to purchase property as an investment, specifically to let out to others. |
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Buyer |
The person buying a property. |
Cow pictures drawn by Sophie (aged 14). |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.