Part Endowment
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| A mortgage that is
split between an endowment and repayment mortgage |
Partnership
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| More generally, a
relationship of two or more entities conducting
business for mutual benefit. |
Pay Rate
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| See: initial rate. |
Payment Cap
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| The limit on the amount
a monthly payment can go up by on a variable rate mortgage |
Payment Default
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| This is if you default
on your credit repayments, the lender is
entitled to repossess your house to recover the
debt. |
Payment Method
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| The way in which the
mortgage amount is eventually repaid |
Payment Protection
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| See accident sickness
and unemployment insurance. |
Payment Protection Insurance
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| As above |
Payment Schedule
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| This is schedule
of payments under a mortgage |
Pension Mortgage
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| 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
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| The interval by which,
or end date until, the initial interest rate
applies. |
Personal Pension
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| 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
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| This is a mortgage
which can be transferred from one property to another |
Previous Lender's Reference
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| This is a reference
from a lender who has previously lent money
to a borrower on a mortgage |
Prime Rate
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| The best interest rate
possible to the lender's most valuable customers. |
Product
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| A mortgage scheme
offered by the lender |
Professional
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| 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
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| A method of construction. |
Purchase
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| The buying of a property. |
Purpose Built Flat
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