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Property advice | Mortgage guide | Mortgage glossary

Mortgage guide: Mortgage glossary

Listings for O

obligatory insurance
- same as conditional insurance.

occupational pension
- pension provided by an employer. In some cases the pension payments are related to the person's salary in the final year of employment.

Office of Fair Trading (OFT)
- a non-ministerial government department, headed by the Director General of Fair Trading which aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. One of the OFT's major 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. The OFT also has consumer protection duties under the Fair Trading Act 1973, the Estate Agents Act 1979, the Control of Misleading Advertisements Regulations 1994. Monopolies and mergers are dealt with under the Fair Trading Act, and other competition issues are covered by the Restrictive Trade Practices Act 1976, the Resale Prices Act 1976, the Competition Act 1980 and the Financial Services Act 1986.

open market value
- value 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
- income in addition to basic annual salary or, in the case of self-employed, annual net profits. See sub menu for examples

- existing liabilities - your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc.

outstanding discount
- for property purchased under the Right to Buy scheme at a discounted price, the value of the discount, or a portion of it, that has to be repaid to the local authority if the property is sold within a certain period of time, normally 3 years from date of purchase.

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