Early Repayment Charge (ERC)
A charge levied by the lender as a penalty if a mortgage is paid off within a specified period.
Interest-only repayments combined with monthly premiums into an endowment policy designed to pay off the loan at the end of the term.
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.
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.
The initial sum paid on an insurance claim.
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.