Glossary - P
- Part Endowment
- A mortgage that is split between an endowment and repayment mortgage.
- Partnership
- More generally, a relationship of two or more entities conducting business for mutual benefit.
- Pay Rate
- See: initial rate.
- Payment Cap
- The limit on the amount a monthly payment can go up by on a variable rate mortgage.
- Payment Default
- This is if you default on your credit repayments, the lender is entitled to repossess your house to recover the debt.
- Payment Method
- The way in which the mortgage amount is eventually repaid.
- Payment Protection
- See accident sickness and unemployment insurance.
- Payment Protection Insurance
- As above.
- Payment Schedule
- This is schedule of payments under a mortgage.
- Pension Mortgage
- A pension policy is used to repay an interest only mortgage. This is done by using the tax free lump sum to repay the loan.
- Period
- The interval by which, or end date until, the initial interest rate applies.
- Personal Pension
- Established under the social security act 1986, a personal pension allows individuals to make their own provision for an income in retirement. Tax relief is allowable on the contributions at the investor's highest marginal tax rate. Investments grow free of all taxes to create a fund to be used at retirement to purchase an annuity. Up to 25% of the fund may be taken as tax free cash and the balance must be used to purchase an annuity.
- Portable
- This is a mortgage which can be transferred from one property to another.
- Previous Lender's Reference
- This is a reference from a lender who has previously lent money to a borrower on a mortgage.
- Prime Rate
- The best interest rate possible to the lender's most valuable customers.
- Product
- A mortgage scheme offered by the lender Professional top This is a member of a recognized profession, such as a solicitor or a doctor. What is defined as a professional varies between lenders. Many professions are disqualified from practicing if they become bankrupt.
- Property Construction
- A method of construction. Purchase top The buying of a property.
The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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