Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.

  • Early Redemption Charge

    This is an extra amount charged on some mortgages if you repay all of your loan before a specified date or period of time.

  • Endowment Mortgage

    A mortgage where the interest only is paid to the lender which often requires a separate insurance policy with the aim to pay off the mortgage at the end of the agreed term.

  • Equity

    The difference between the amount of money you owe on your mortgage and the value of your home.

  • Essential repairs

    Work that must be done on the property before the mortgage loan can be issued.

  • Excess

    The fixed sum paid by the claimant on an insurance claim by the policy holder.

  • Exchange of Contracts

    The point at which signed contracts are physically exchanged and legally commits the buyer to buy and the seller to sell a property at an agreed price.