Welcome to our Mortgage Glossary. Here you will find definitions for more commonly used mortgage terms, making the jargon clearer. If you're unsure of any words or phrases, simply use the guide below.
Sometimes, if you repay your mortgage early, in full or in part, an additional charge may be payable. This charge is called an 'Early Repayment Charge'.
If you have an Early Repayment Charge, it will be detailed in mortgage product literature, your Key Facts Illustration (KFI) and your mortgage offer.
The monetary difference between the mortgage amount owed and the value of the property.
Exit Fee - MEAF
A Mortgage Exit Administration Fee is due when you redeem your mortgage. It covers the cost of sending a property's title deed to another lender, yourselves or any authorised party.