Tuesday, 14. July 2020

PROPERTY
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Early Redemption Charge
If a borrower terminates a mortgage in advance of the terms that have initially been agreed by the lender, an early redemption charge can be payable. This mainly occurs when a borrower has benefited from reduced payments or cash back in the initial period of a mortgage.


Endowment Mortgage
A mortgage where the interest only is paid to the lender which often requires a seperate insurance policy with the aim to pay off the mortgage at the end of the agreed term.
Endowment Mortgage
A mortgage where the interest only is paid to the lender which often requires a seperate insurance policy with the aim to pay off the mortgage at the end of the agreed term.
Equity
The difference between the value of a property and the amount of mortgage that is owed or other charge against the property.
Excess
An initial sum paid on an insurance claim by the policy holder.
Exchange of Contracts
This is the point at which signed contracts are physically exchanged, legally committing the buyer to buy and the seller to sell a property at an agreed price.
 

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