Mortgage Dictionary: O

Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

Obligatory Insurance Same as conditional insurance. Office Of Fair Trading (OFT) It 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 The 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 This is income in addition to basic annual salary or, in the case of self-employed, annual net profits. Outgoings This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc. Outstanding Balance The amount that is outstanding on your credit. 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. Overpaid Funds The amount you have paid over your normal payments.