Jargon Buster
A glossary of commonly used consumer finance terms
Within all aspects of consumer finance: Mortgages, Loans, Credit Cards or Savings the use of jargon and accepted industry terms is widespread. Our comprehensive jargon buster explains what those terms mean in an effort to demystify consumer finance.
Early Repayment Charges (ERC)
A fee charged it you choose to move or pay off your mortgage before the end of an agreed term.
Endowment mortgage
A mortgage with an interest only payment to the lender and a separate "financial vehicle", an endowment policy designed to repay the mortgage at the end of the term.
Equity Release scheme
A way older homeowners can free up some of the value of their homes in exchange for a cash lump sum or income.
Estate agent
A person whose business is the sale or lease of buildings or land on behalf of others.
Exchange of Contracts
When the Seller and Buyer sign the paperwork relating to the selling and buying of the property. Once this is completed the contract is legally binding.