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early
redemption payment
- penalty charged by a lender for withdrawing from a
mortgage before a given date specified in the mortgage conditions.
Lenders will normally impose such a penalty 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.
employed
- 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.
endowment
- 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.
equity
- 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. |
E
early redemption penalty
earned income
employed
employer's
reference
employment status
endowment
equity
equity
appreciation
exclusive
products
existing
liabilities
Introduction
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