UK Mortgages, Mortgage Brokers, Advisors, Advice

Early Repayment Charge - A fee payable to a lender when a borrower redeems a Mortgage before the end of the term of the loan.

Endowment - An investment product intended to be used to pay off the balance of an Interest Only Mortgage at the end of the term of the loan.

Endowment Mortgage - A mortgage in which the borrower only pays for the interest charged during the term of the loan. It is intended for the capital balance to be repaid at the end of the term by using the funds from an endowment policy.

Equity Release - The process of securing debt on a property and keeping all or part of the loan proceeds as cash.

ERC - See Early Repayment Charge

Exchange of Contracts - When the buyer and seller of a property, or their solicitors, give each other signed contracts that provide evidence of their commitment transfer of ownership of the property from the seller to the buyer for an agreed amount of consideration.