Payment of balance
The mortgage definition for Payment of balance:
This usually takes place between a week and a month after exchanging contracts. It is possible to have a simultaneous exchange and completion if you are in a real hurry to get moving. When you complete the sale, your solicitor forwards the remaining balance of the purchase price to the seller's solicitor. You then have the right to take occupancy of the property and are free to move in.
Balance breakdownBalance breakdown
This is a fee that can be charged by your lender for a month-by-month breakdown of your account balance, over and above the information contained in your Annual Statement. Costs £15 - £30
Balance sheetBalance sheet
Forms part of the annual report and is the statement of a value for a company's assets and liabilities and the end of the financial year (balance sheet date). It shows a company's financing through external debt, profit generation and the issuing of share capital.
Outstanding balanceOutstanding balance
The amount to be repaid at any point in time.
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