Jargon Buster
Understand property related jargon.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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Early Repayment Charge (ERC)
A charge levied by the lender as a penalty if a mortgage is paid off within a specified period.
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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.
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Energy Performance Certificate (EPC)
An EPC measures the energy efficiency of a property using a scale of A-G. It is a legal requirement to have a valid EPC commissioned before a property can be marketed.
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Equity
The amount of money either put into buying a property or the deposit placed on a property which exceeds the amount of any money borrowed against the property. Also known as capital.
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Excess
The initial sum paid on an insurance claim.
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Exchange of contracts
The point at which signed contracts are physically exchanged, legally binding the seller and buyer to the sale and purchase of a property at the agreed price.
