Early Redemption Charge: In the initial period of a mortgage..

Endowment Mortgage: A mortgage where the interest only is paid to the lender which often requires a separate 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..