Jargon

Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.

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Early redemption charge (ERC)
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.
Easement
A term used to describe a legal right over land, for example the right to access a specified area of land, such as a right of way or access.
Endowment mortgage
A mortgage where the interest only is paid to the lender. These often require a separate insurance policy with the aim to pay off the mortgage at the end of the agreed term.