up     up	Bank An institution authorised by the Bank of England under the Banking Act 1987. Base rate Bought in by banks following the abolition of Minimum Lending Rate by Geoffrey Howe, in 1981 the then Chancellor of the Exchequer. Often used to refer to the mortgage lender's standard variable rate. Basic annual income Amount of money earned by an employee regardless of the individual or the company's performance. (sometimes P11D benefits may be taken into account with some lenders). Bankrupt A person who has been declared bankrupt in accordance with the Insolvency Act. A supervisor is appointed to receive a bankrupt person's earnings. The bankrupt is permitted to receive an allowance on which to live with the balance being reserved for their creditors. A bankrupt person is not permitted to hold a bank account or apply for credit in excess of £250 without the court's permission. Bankruptcy: discharge from After a period of three years, the debtor is discharged from bankruptcy, and his debt is treated as paid. A discharged bankrupt is likely, however, to experience severe difficulties in borrowing money. Credit reference agencies can identify former bankrupts for 15 years after their discharge. Booking fee This is the fee charged by a lender to secure mortgage funds, payable at the time the application is submitted. Broker fee A fee charged by an intermediary payable by the applicant for placing a loan. Building society An institution regulated by the Building Societies Act. Building Societies are mutual organisations owned by their members and are restricted as to the amount of their funds, which they are allowed to raise from the money markets. In addition, the Building Societies Commission lays down restrictions on their lending criteria. Thus building societies are less able to help with certain categories of loans than are banks. Buildings insurance Insurance protecting the structure of the building, which you must have. Where the property is leasehold the buildings insurance will normally be arranged by the freeholder and the cost charged on to the leaseholder within the service charges payable. Any item which, cannot be taken away by the owner, i.e. bricks and mortar, is covered by the buildings insurance, anything that can be removed should be covered by the contents insurance. as this definition can prove problematic in some instances, such as fitted carpets.		Bank Base rate Basic annual income Bankrupt Bankruptcy: discharge from Booking fee Broker fee Building society Buildings insurance