A basis point is 1/100th of 1%. For example the difference between a loan at 9.00% and a mortgage at 9.12% is 12 basis points.

Time frame in which the interest rate of a mortgage is discounted. (See fixed or capped).

The same as arrangement, reservation and product fees. A fee charged by a lender to secure mortgage funds, payable at the time the loan application is submitted and normally applies only to special offer loans, such as fixed or capped rates.

Short-term loan used as coverage when buying a new property before selling an existing one.

A third party individual who attempts to find the best available financial or other package. Brokers could be affiliated with a larger network in finance, or they may be independent.

A fee charged by an intermediary to the applicant for negotiating a loan. If a loan has not completed within six months of the date of introduction to a lender, the maximum fee that a broker may retain is £300, under the Consumer Credit Act.

A way of working out how creditworthy a borrower is, by estimating how much they will have left to make payments on a mortgage after other deductions have been made from gross income.

FAQs Archive | Page 24 of 27 | Together Financial Solutions

Q: Building Societies Association (BSA)

This organisation is the trade body for all UK building societies. Building Societies differ from banks in that they are mutual organisations, which means that most of its customers (borrowers, savings and current account holders, etc) are members and have rights to receive information, vote on important decisions and attend society meetings. On the other hand, most banks are listed companies with external shareholders that are paid a dividend out of the bank�s profits.Website: https://www.bsa.org.uk/

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