Mortgage Deals Guide P
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Payment Holiday
A period during which the you make no payments on borrowings. This is usually only available on a flexible lending.
PEP
Pep stands for Personal Equity Plan. These were tax efficient savings plans that invested in unit trusts or investment trusts. ISAs replaced PEPs on 6 April 1999 and new PEPs ceased on that date. With effect from 6 April 2008 existing PEP accounts were re-designated as stocks and shares ISAs.
Personal Loan
A loan taken out by an individual over a fixed term.
Personal Pension
A personal pension is a tax-efficient savings plan that enables you to save for retirement. The contributions attract tax relief and they can be made in various ways, either regularly, by lump sum or by a combination of both. On retirement, up to 25% of the fund value can be taken as a tax-free cash lump sum. The remainder of the fund must be used to buy an annuity.
Portability
A mortgage which can be transferred between properties when you move house. Ask an Independent Mortgage Advisor for a portable mortgage if you think you may need to move within the term of your mortgage deal
Premium
The amount paid for insurance cover.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it. You may have to pay an early repayment charge to your existing lender if you remortgage. The overall cost for comparison is 8.9% APR the actual cost will depend upon your circumstances.
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