Mortgage Glossary

Build up your knowledge by using our mortgage glossary, here to help you understand the sometimes confusing terms used to describe mortgages and other financial related products.  We have laid out our glossary in an easy to use A-Z Format. If you have any additions you would like to see, please feel free to contact us with your ideas. If you are looking for personal finance like credit cards or loans, please visit cricket finance

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early redemption
Most fixed, capped and discounted mortgages, and those offering cash incentives, impose a financial penalty on customers who redeem their mortgages before the special deal comes to an end. This may be (More)
 
early redemption charge
A charge made by the mortgage lender if the borrower terminates a mortgage in advance of the terms of that particular mortgage. ERCs are generally imposed on fixed or discounted mortgages offering a r (More)
 
early repayment charge
This is charged if the loan is repaid prior to a set period as laid down in the terms & conditions of the loan
 
environmental report
report generated by qualified environmental firms to determine potential environmental hazards in a building’s region or within the building itself.
 
equity
The difference between the value of the property and the amount of mortgage outstanding. NB, can be positive or negative.
 
equity loan
A loan for an equity position which represents an ownership position in a property or a loan for the participation in the profits of the commercial property
 

 

 

 

 

 

 

 

 

The overall cost for comparison is 10.53% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Early repayment charges apply. A broker fee of 1% may apply.  Your home may be repossessed if you do not keep up repayments on your mortgage.Our Financial Resources directory is available here