Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
If you cannot find an explanation for the term you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.
energy-performance-certificates-epcs
See Also
Actions
E
- Early Redemption Charge
- See Early Repayment Charge. This a fee charged by a lender if you pay off part or all of your mortgage or loan within a certain period eg during a fixed-rate period or while a discount applies, or you move your mortgage to another lender.
- Early Repayment Charge
- Endowment
- An endowment is a life assurance policy that is designed to produce a lump sum to pay off an interest only mortgage.
- Endowment Mortgage
- Sometimes used to describe an interest only mortgage supported by an endowment policy.
- Endowment Policy
- A combined life assurance and investment policy often taken out at the start of a mortgage to run for the same term. Premiums are paid by the borrower to a life assurance company, usually monthly. The company invests the premiums and the investment should provide a lump sum at the end of the policy term (which can be used to repay all or part of the mortgage) or earlier if the borrower should die.
- Equity
- The difference between the value of the property and the amount of any loan secured against it. The amount of value in a property over and above the amount that is mortgaged.
- Essential Repairs
- Work required on the property before the mortgage loan can be issued.
- Exchange of Contracts
- In England and Wales (not Scotland), the point when both buyer and seller are legally bound to the transaction and at which point the buyer should take out buildings insurance on the property. This is the point at which you and the person selling the property sign and swap identical contracts that show the price and which fixtures and fittings are being sold, as well as the date on which everything is to be completed. When contracts are signed, everything becomes legally binding and if you or the seller pull out before completion you or they will have to pay compensation.
Finding the people you need
To find a local Estate Agent, etc. visit
Promoting our Clients
If you run your own business and have used our financial services, we can provide you with a listing on our site for free.
Jon Hills Architectural Design
Ashburton based architectural designer offering a wide range of residential design services from concept to completion with a portfolio including loft conversions, kitchen, single and double storey extensions, side returns and conservatories. Alterations range from kitchen and bathroom renovations to space planning and re-designing of floor layouts. Help is available with obtaining approvals and consents for planning permission, building regulations and listed buildings and finding suppliers, tradesmen and builders.
- 10 St Lawrence Lane
- Ashburton
- Devon
- TQ13 7DD
- 07754 086724
- 01364 654568
- jofh75[ at ]hotmail[ dot ]com
- http://www.jonhills.co.uk
Kevin Obbard - Property Refurbishment, Maintenance & Roofing
Full refurbishment, repair and maintenance service, specializing in period and listed property. Slate Roofing, minor repairs to full strip and re-slate. Planning application and design service available. Free estimates and advice. Federation of Master Builders MasterBond Member. TrustMark Approved, Registered through FMB MasterBond. 10 Year Warranty available on all alteration and refurbishment work.
- The Bakehouse
- Ponsworthy
- Devon
- TQ13 7PJ
- 01364 631415
- kevin[ at ]meze.demon.co.uk