Moving House Glossary
Common words or phrases you will come across when moving house ..
- Early Repayment Charge - A charge made by the lender if the borrower terminates a mortgage in advance of the terms of the particular mortgage. Normally occurs when the borrower has benefited from reduced payments or cash back in the early period of a mortgage.
- Equity - The difference between the value of a property and the amount of mortgage owed.
- Exchange of Contracts - The point at which the sale becomes legally binding from which neither party can withdraw without financial penalties - In Scotland see 'Missives Concluded'.