Jargon Buster

A B C D E F G I J L M N O P R S T U V Y

Endowment Mortgage

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 (Energy Performance Certificate) provides an overview specifics of the prospective energy overall performance of your property, its material and facilities.

Equity

The amount of money saved in the property that exceeds the amount of monies borrowed against the property.

Excess

The initial sum of money paid on an insurance claim.

Exchange of Contracts

When your conveyancer has your signed contract and the sellers conveyancer has the sellers signed contract, the two will swap or exchange contracts. Your conveyancer will also transfer your deposit (the money that you pay at exchange) to the sellers conveyancer from your own funds and arrange a date for completion. If you pull out after this point, you could lose your deposit.