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UK House Buyers Glossary - E

This page of our online a to z glossary is for UK house buyers terms beginning with the letter 'E'.

• Early redemption - when you pay off a mortgage before the end of its term.
• Early redemption penalty (ERP) - a financial penalty levied by the lender to cover administration costs when a loan is being repaid early.
• Eaves - the lowest part of a roof, overhanging the top of a wall.
• Engineering Bricks - these are very strong bricks. Because they are impervious to water engineering bricks are sometimes used for damp-proof courses.
• Escutcheon - the metal plate around a keyhole.
• Exchange of contracts - when contracts have been exchanged the sale and purchase of a property becomes legally binding.