GLOSSARY - E
Exchange of contracts |
The point where the purchaser and the seller of a property sign and exchange contracts that declare the agreed price of the property and the fixtures and fittings included. |
Early Repayment Charge |
A fee that is incurred if all or part of your mortgage payment is done before an agreed date.
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Endowment |
A combined life assurance policy planned to produce a lump sum that is often used to pay off an Interest Only mortgage. |
Easement
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This is a legal right which one person has over a property that he does not own. |
Endowment Mortgage |
A combined savings policy designed to produce a lump sum to pay off an Interest Only mortgage. |
Endowments
- Consumer aspects |
The sum insured for life insurance purposes will be the same as the mortgage amount, the actual guaranteed pay-out on the endowment savings plan may be as little as a third of that amount. |
Equity |
The difference between the present market value of the property and the amount the owner still owes on the mortgage outstanding on it. |
Essential Repairs |
To guard against advancing a loan on a property, a condition of the mortgage loan that insists essential repairs be undertaken prior to completion. |
Existing Liabilities |
The other financial commitments like credit cards, bank loans, and maintenance payments apart from the existing or proposed mortgage. |