Glossary - O

Obligatory Insurance
See conditional insurance.
Office Of Fair Trading (OFT)
This is a body that aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the director general of fair-trading, and one of its responsibilities is the administration and enforcement of the consumer credit act 1974. Any business planning to provide consumers with credit facilities, or refer them to a source of credit, or hire out goods, must first obtain a consumer credit licence from the OFT.
Open Market Value
Valuation of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale.
Other Income
This is income in addition to an employees basic annual salary or, in the case of self-employed, annual net profits.
Outgoings
Existing liabilities and, or your debts, other than an existing mortgage. For instance loans and credit cards.
Outstanding Balance
The amount that is outstanding on a credit commitment.
Outstanding Discount
On a right to buy property bought at a discount this is the amount of discount that has to be repaid to the council if the property is sold, within a certain time frame (usually 3 years).
Overpaid Funds
Extra payments a borrower has paid over and above the regular payment
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The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

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