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Mortgage in United Kingdom
GLOSSARY
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Early Repayment Charge (ERC)
A fee (a penalty) charged if a mortgage is paid off before the end of an agreed term. also known as Early Redemption Charge.
Easement
A right of way or right over or under land giving individuals other than the owner permission to access or to use a property for a specific purpose.
Employment Status
A term used by lenders to describe potential borrowers' working arrangements. Self-employed applicants are sometimes seen as a greater risk than employees are. But many specialist lenders and mortgages have emerged in recent years designed specially for different types of employment status.
Encumbrance
Anything that has a limiting or detrimental affect on the ownership of a property, including, for instance, mortgages, leases, rights of way and easements.
Endowment(Mortgage)
A financial investment product or vehicle that a borrower pays into during the course of a mortgage and the proceeds of which are used to pay off the mortgage loan at the end of its term.
Endowment Policy
An investment product which may be assigned to an interest only mortgage whose proceeds can be used to pay off the capital at the end of the mortgage term.
Engrossment
The formal and final version of a document prepared by a solicitor in readiness for signing and sealing following agreement of the final draft between the parties.
Equitable interest
Legal rights in a property that do not include the right to sell its legal title.
Equity
The difference between the market value of a property and the amount of mortgage owed. also known as Capital.
Equity Release
A mortgage taken out on a home that is already fully owned, typically in order to make use of the capital tied up in it.
Equity Release scheme
A way older homeowners (typically 55%) can free up some of the value of their homes in exchange for a cash lump sum or income.
Estate
A legal term referring to the sum total of all the property and personal assets owned by an individual at the time of their death.
Estate agent
A person whose business is the sale or lease of buildings or land on behalf of others. Currently unregulated.
Estate Agent's Code of Practice
A simple set of rules to promote best practice in the industry. The code requires:
Any published material to be accurate (this is a legal requirement after the Property Misdescriptions Act 1991 outlawed exaggeration of property descriptions)
No discrimination against properties, buyers or vendors (sellers)
A formal complaints procedure to be in place
Vendor to be informed of any offers received on a property.
Eviction
The legal expulsion of an occupant from a property.
Examination of Title
The report that details the title of a property, usually taken from the public records or an abstract of the title.
Excess
The initial sum to be paid on an insurance claim.
Excess Payments
Mortgage repayments that are over and above the standard monthly rate. Some mortgage products impose charges for excess payment, and/or set limits to the size and frequency of such payments.
Exchange of Contracts (excludes Scotland)
The stage in the purchase process at which the deposit is paid and signed contracts are physically exchanged. The buyer is then legally committed to buying, and the seller to selling. As a buyer, you should normally ensure that you are covered by building insurance from this date, because even if the property were damaged badly, you would still have to buy it.
Execution
Signing, sealing and delivering a deed in front of an independent witness.
Existing Liabilities
The individual's existing financial outgoings which lenders may take into account. Borrowers are obliged to disclose all such outgoings as part of the mortgage application process. Includes all loan/credit card repayments, hire purchase agreements, rental agreements, maintaince payments, child maintenance etc. These commitments will normally be taken off your declared income before the lender calculated the income?
Expatriate
A person working in a country that is neither their country of birth nor nationality.
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