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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.
