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Bad Credit

This another term used to describe what you have if you have had Credit Problems and subsequently you will have an adverse credit history. CCJ's, Mortgage Arrears and other credit debt repayment problems lead to bad credit. Bad Credit is more a term that was initially used in America, but is now commonly used in the UK, but more commonly you will here the expression Poor Credit. When used to describe: Bad Credit Mortgages or Bad Credit Loans they mean Mortgages or Loans for people with Credit Problems or a Poor Credit History.

Bank Of England Base Rate

This is set by the Bank of England and can alter quite regularly. Lenders then put their interest rate on top and depending if you have a capped rate or variable rate your repayments will go up or down. Any changes to the rate are announced by the Bank of England's Monetary Policy Committee.

Bankruptcy

Bankruptcy - Anyone can go bankrupt, including individual members of a partnership. There are different procedures for dealing with companies and for partnerships themselves. When a bankruptcy order has been made you must:

• Provide the Official Receiver with a full list of your assets and details of what you owe and to whom.
• Look after and then hand over your assets to the Official Receiver together with all your books, records, bank statements, insurance policies and other papers relating to your property and financial affairs.
• Tell your trustee about assets and increases in income you obtain during your bankruptcy. (Note: you are legally obliged to inform your trustee of any property that becomes yours during the bankruptcy. Such property includes lump sum cash payments that you may receive, for example redundancy payments or money left in a will).
• Stop using your bank, building society, credit card and similar accounts straightaway.
• Not obtain credit of £250 or more from any person without first disclosing the fact that you are bankrupt.
• Not make payments directly to your creditors. You may also have to go to court and explain why you are in debt. If you do not co-operate, you could be arrested.

Blacklisted

All your credit history will be stored on databases by credit reference companies. A lender will check these to find out your credit status. If you have a severe credit history and your record will be black listed to note severe risk. Some lenders will still lend on this but the interest rate will be high until you can improve your credit history. We can usually get you credit, all you have to do is contact us to find out what is available for you.

Buildings Insurance

All mortgage lenders will insist that the property has Buildings Insurance before completion of your Remortgage or Loan. This covers their investment in your property, but most of all, it covers your property against fire, flood and subsidence etc.(Ensure that your insurance cover is always sufficient to cover the total rebuild cost of your home).

Buy to Let

This is a method to invest money in property. You will need a Buy to Let Mortgage if you want to rent or let the property that you buy. Over the last few years, private individuals have been offered buy-to-let mortgage schemes as an alternative form of investment. A buy-to-let mortgage is a loan for an individual to purchase a property for the explicit purpose of renting it out. Many people see buy-to-let schemes as an alternative to a pension. Obviously, there are pros and cons associated with any business or property venture, so it is best to plan carefully and to speak with a professional advisor before taking the plunge.