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Early redemption charge (ERC)
A charge made by the lender if the borrower terminates
a mortgage in advance of the terms of the particular
mortgage. Normally occurs when the borrower has benefited
from reduced payments or cash back in the early period
of a mortgage.
Endowment mortgage
Interest-only repayments combined with monthly premiums
into an endowment policy designed to pay off the loan
at the end of the term.
Equity
The difference between the value of a property and
the amount of mortgage owed.
Excess
The initial sum you have to pay on an insurance claim.
Exchange of contracts
The point at which signed contracts are physically
exchanged, legally committing the buyer and seller
to the purchase and sale of a property at the agreed
price.
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