Early Repayment Charge (ERC)
A charge levied by the lender as a penalty if a mortgage is paid off earlier than a specified date stipulated by the lender.
Electrical Equipment (Safety) Regulations 1994
Regulations that require all electrical installation and appliances within the property are maintained in good order and regularly checked for safety by an appropriate registered engineer.
Interest-only repayments combined with monthly premiums into an endowment policy designed to pay off the loan at the end of the term.
Energy Performance Certificate (EPC)
An EPC measures the energy efficiency of a property using a scale of A-G. It is a legal requirement to have a valid EPC for the sale or letting of a property.
The amount of money either put into buying a property or the deposit placed on a property which exceeds the amount of any money borrowed against the property. Also known as capital.
The initial sum which is paid by the insured party on an insurance claim.
Exchange of contracts
The point at which signed contracts are physically exchanged, legally committing the buyer and seller to the purchase and sale of a property at the agreed price. The time at which a deposit (generally a minimum of 5%) is paid.