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OCR: Alliance Leicester Jargon Buster Glossary Endowment Mor With this type of mortgage you pay off only the interest on the mortgage throughout the agreed term. At the end of this term the mortqage will hopefully be paid off with the proceeds of an endowment policy. (NB: 1t is not def finite that the endowment proceeds will meet the loan please ensure that you obtain professional financial advice) Equity This is the difference between what your house is worth pue the To calcul ate the amount of equity simply subtract your outstanding mortgage from the value of youT property Exchange of Contracts This is the point at which both the buver pue the seller are legally bound to the deal Freehold This means you own the property and the land on which it stands subject to any mortgage over the property ...