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.

Interest-only repayments combined with monthly premiums into an endowment policy designed to pay off the loan at the end of the term.

If you are buying or selling a home you now need a certificate by law. From October 2008 EPCs will be required whenever a building is built, sold or rented out. The certificate provides 'A' to 'G' ratings for the building, with 'A' being the most energy efficient and 'G' being the least, with the average up to now being 'D'.

The difference between the value of a property and the amount of mortgage owed.

The initial sum you have to pay on an insurance claim.

The point at which signed contracts are physically exchanged, legally committing the buyer and seller to the purchase and sale of a property at the agreed price.