Early Repayment Charge

A charge payable on some mortgages if they are repaid early (during an Early Repayment Charge period). The amount depends on the mortgage outstanding and the terms of the mortgage.

Easement

A legal right over land, for example the right to access a specified area of land, such as a right of way.

Endowment mortgage

A form of interest only mortgage where the remaining capital is paid off in one lump sum with the proceeds of an endowment policy

Equity

The difference between the value of a property and the amount of mortgage and/or secured loans owed.

Equity release

Generates a lump sum or regular income in exchange for giving up part ownership of your house to a lender

Exchange of contracts

The point at which both buying and selling parties sign their copies of the contract which are exchanged by their respective legal representatives and are legally binding. The buyer usually pays a deposit at this point and the date of completion is agreed.

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