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Mortgage Glossary Letter "P"
A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
Click on the letter or the term you wish to have defined. You will them be take to a page with an explanation for what the term means
Part Endowment
This is a mortgage where some of the capital is covered by an endowment policy. This makes it less risky than an Endowment Mortgage.
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Pension mortgage
A pension mortgage is linked to the borrower’s private pension plan. At the end of the mortgage term, the outstanding capital is paid off using part of the pension fund’s tax-free proceeds. This will reduce the amount available for the borrower to withdraw as a pension.
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Portable
This term is used to describe the facility to move a type of mortgage from one property to another when the borrower moves house. If a mortgage is portable, the borrower will not pay early repayment fees. The same scheme will be transferred to the new mortgage for the remainder of the original mortgage term.
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Principal
This is another term for the mortgage capital (ie the amount of money borrowed, not including interest).
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Private treaty
This is a term for the selling of land or property without an auction.
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