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Property advice | Mortgage guide | Mortgage glossary

Mortgage guide: Mortgage glossary

Listings for E

early repayment charge
- amount charged by a lender for withdrawing from a mortgage before a given date specified in the mortgage conditions.

Lenders will normally impose such a charge on a fixed or discounted loan.

earned income
- income that is earned from an employment or self employment, as distinct from investment income from property or securities.

- normally refers to a person (the employee) who has an open-ended contract of employment and has income tax and national insurance contributions deducted from their salary.

employer's reference
- a written statement from an employer confirming the borrower's employment, giving details of his or her salary and length of service; an essential requirement for assessing an employee's ability to repayment the mortgage.

employment status
- the basis of an individual's employment: i.e. employed, self-employed, controlling director or not in employment.

- a life assurance policy into which you pay monthly premiums.

The proceeds of an endowment policy will be free from all taxes provided the policy has conformed to the qualifying rules. The insurance fund does, however, pay tax on the profits it achieves whilst the fund is growing.

See also: with profit, unit linked, unitised with profits.

- the stake that you own in your home, i.e. the property value less the mortgage loan outstanding.

equity appreciation
- increase in the equity you have in your home.

exclusive products
- whilst such mortgage products are funded and administered by a particular mortgage lender, they are available only from certain mortgage brokers or other particular distribution channels.

existing liabilities
- your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc.

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