Early redemption payment (ERP)
A penalty charged for withdrawing from a mortgage before a given date as stated in the original offer letter.

Earned income
An income that is earned from full time or part time employment or self-employment, investment income from property or securities.

Employed
A person(s) who has an open-ended contract of employment and has income tax and national insurance contributions deducted from their salary.

Employer’s reference
A statement given by an employer confirming the borrower's employment, giving details of his or her salary and length of service.

Employment status
The basis of an individual's employment: e.g. self-employed, employed or not in employment.

Endowment
This is a life assurance policy where you would pay a monthly premium sometimes with critical illness protection as well.

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.

Equity
The actual amount that you own in your home, i.e. the property value less the mortgage loan outstanding.

Equity appreciation
An increase in 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 due to their own volumes of business given to that lender either individually or as a group.

Existing liabilities
Your debts or regular outgoings, other than an existing mortgage such as hire purchase, personal loans, credit cards etc.