Early Repayment Charge (ERC)
Early Repayment Charge (ERC) is a penalty that you may have to pay if you repay part of a loan early.
Earnings are the amount of money that a company or individual produces during a specific period.
A burden, obstruction, or impediment on property that lessens its value or makes it less marketable. An encumbrance (also spelled incumbrance) is any right or interest that exists in someone other than the owner of an estate and that restricts or impairs the transfer of the estate or lowers its value.
An entity can be an organization or poratnetship, business or individual, that has a legal and independent existence.
In accounting, equity (or owner's equity) is the difference between the value of the assets and the value of the liabilities of something owned. It is governed by the following equation: Equity = Assets - Liabilities
For example, if someone owns a car worth £15,000 (an asset), but owes £5,000 on a loan against that car (a liability), the car represents £10,000 of equity. Equity can be negative if liabilities exceeds assets.
Escrow generally refers to money held by a third-party on behalf of transacting parties.
The method by which a borrower intends to repay their loan. I.e. by using the proceeds of the sale of a property as the repayment vehicle.