Offset Mortgages: An offset mortgage is a single account that includes a mortgage, savings and personal loans. On a daily basis, all of the assets (savings plus the money in the current account) are assessed and any surplus is offset against debts (mortgage and loans).
Ombudsman for Estate Agents (OEA): A scheme designed to provide independent and impartial mediation between members of the public who buy, sell or let property and the agents they deal with – in the event of a dispute or complaint. The OEA can award compensation and the service is free to the public. Member agents must comply with a code of practice.
Open Market Value: The value of a property in the open market.
Outstanding Balance: The amount of money that is outstanding on a loan.
Overpayments: Payment of a loan at more than the standard monthly repayment rate, in order to pay off a Flexible Mortgage more quickly and cost effectively.