Exchange of Contracts  Mortgage Glossary

Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:



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Exchange of Contracts

In England and Wales there is a process of exchange of contracts that happens prior to the completion of the property sale itself. This is the point where it becomes legally binding and a buyer will lose his or her deposit if they pull out at this stage. It is not uncommon for exchange and completion to happen on the same day, particularly with investment properties.

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Mortgage Glossary

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