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Break clause

A break clause gives the tenant or landlord the right to terminate a Tenancy Agreement, under specific agreed circumstances, before the date that the Tenancy Agreement is officially due to end. Usually this requires written notice.

Bridging loan

A short-term loan commonly used to cover or ‘bridge’ the overlap between the purchase of a new property and the sale of an old one. Generaly the cost of a bridging loan is more expensive than a ‘normal’ loan.

Building survey (formerly full structural survey)

A full inspection of the property, conducted by a chartered surveyor, who will write a detailed report setting out the soundness of a property and any property defects. Suitable for any house, particularly older properties and those that have been poorly maintained as well as properties that have been extensively altered or extended, or any property due to be altered or extended.

Buildings insurance

An insurance policy that pays the cost of repair or rebuilding in the event your property is damaged or destroyed. Most mortgage lenders will require buildings insurance to be taken out as a condition of their loan.

Buy-to-let mortgage

A type of mortgage specifically designed for people buying a property with the intention of letting it out.

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