Early Redemption Fee
The fee most lenders will charge if you decide to sell the property or re-mortgage and redeem your mortgage early.
Earnings Before Interest, Tax, Depreciation and Amortisation. This measures the ability of a business to meet debt service obligations.
Equity and Negative Equity
The amount of value in a property that isn't covered by a mortgage. Negative equity applies if the money you owe on the mortgage is greater than the value of your property.
Exchange of Contracts
The contract is the written agreement that lays out the terms between the buyer and the seller. The deal is legally binding when contracts are exchanged.