The Better-Mortgages uk mortgage terminology glossary (O)

As with any industry, the world of mortgages has it's own language and definitions. Use the definitions in this glossary to look up uk mortgage terminology you are not familiar with.

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Offer of advance

The formal statement by a lender to a mortgage applicant of the amount that it is prepared to lend and the terms and conditions attached to this is called Offer of advance. All offers are issued conditionally and are therefore not binding on the lender

Office of Fair Trading

A government body responsible for fair trading, the Office of Fair Trading ( OFT ) regulates activities governed by the Consumer Credit Act 1974, including advertisements and APR quotations. The OFT also regulates policy with regard to choice of buildings insurer.

Official Receiver

The Official Receiver is a public servant appointed to administer insolvency The Official Receiver will usually appoint a Trustee in Bankruptcy when a bankruptcy order has been granted.

Offset mortgage

An Offset mortgage allows you to keep your financial balances e.g. mortgage, savings, current account etc in separate accounts but all balances are offset against each other, allowing the possibility of reducing the interest paid and repaying the mortgage early.

Other security

Most forms of security taken over and above the basic security (i.e. the property) are strictly called ` Other security '. The most common type is a MIG - a mortgage indemnity guarantee. Most lenders use the term `additional security', though the Building Societies Act 1986 differentiates between `additional' and 'other' security.

Outright sale

In the specific context of Scottish land law, an Outright sale is where a new vassal takes the place of an existing one, with the latter coming out of the feudal chain.

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