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
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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) |
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| 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) |
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| early repayment charge |
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This is charged if the loan is repaid prior to a set period as laid down in the terms & conditions of the loan
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| environmental report |
| report generated by qualified environmental firms to determine potential environmental hazards in a building’s region or within the building itself.
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| equity |
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The difference between the value of the property and the amount of mortgage outstanding. NB, can be positive or negative.
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| 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
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