Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
If you cannot find an explanation for the term you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.
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P
- Payment Protection
- (See also MPPI). Insurance which pays your monthly mortgage payments, usually for a specified period, if you lose your income through sickness, injury or unemployment.
- Payment Holiday
- A period during which the borrower makes no mortgage payments. Normally only available to borrowers with a flexible mortgage who have previously overpaid their monthly repayments.
- Pension Plan
- An investment plan which can provide a lump sum and an income after retirement. A pension plan is sometimes used as a way of providing a lump sum to repay the capital of an interest only mortgage.
- Personal Equity Plan (PEP)
- Personal Equity Plan. This is a tax free way to own shares or unit trusts. You can also use PEPs as a way to repay an interest only mortgage with some lenders.
- Personal Pension
- This is a structured savings and investment plan to provide for your financial needs after you retire. You can use some or all of the proceed from a personal pension to pay of an interest only mortgage.
- Portability
- A term used to describe a mortgage that can be transferred between properties when you move house.
- Principal
- The amount of the loan on which interest is calculated.
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Ashburton based architectural designer offering a wide range of residential design services from concept to completion with a portfolio including loft conversions, kitchen, single and double storey extensions, side returns and conservatories. Alterations range from kitchen and bathroom renovations to space planning and re-designing of floor layouts. Help is available with obtaining approvals and consents for planning permission, building regulations and listed buildings and finding suppliers, tradesmen and builders.
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- 01364 654568
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- The Bakehouse
- Ponsworthy
- Devon
- TQ13 7PJ
- 01364 631415
- kevin[ at ]meze.demon.co.uk