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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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A term used to describe a mortgage split between two different repayment methods e.g. part capital repayment/part interest only. |
Past Arrears |
Payments not made on borrowing when agreed that have occurred in the past, normally within the last 12 months. |
Payment Protection Insurance |
PPI is an insurance policy which provides protection for a person against accident, sickness and unemployment and covers their loan repayments. PPI is regulated by the FSA and there are strict rules in place to govern the sale of PPI. WARNING – Most PPI plans are optional so please ensure that you read, understand and are happy with all PPI terms of cover before proceeding. |
Payment Protection Plan |
Another term for Payment Protection Insurance. Refer to PPI. |
Payment Schedule |
| The schedule of monthly payments that you are obliged to make legally once your loan or mortgage starts. |
Pension Plan Mortgage |
| An interest only mortgage which is designed to be repaid by a lump sum from your pension when you retire. |
Planning Permission |
For any new building, engineering operation or change of use of a building, permission must be granted by the local planning authority (usually the council). Permission is only granted if the proposed changes meet the public's interest. |
Portable |
A mortgage that can be transferred to another property if the property is sold and new property purchased. |
PPI |
| Payment Protection Insurance – Refer above. |
PPP |
| Another term for Payment Protection Insurance. Refer above to PPI. |
Principle |
The original amount borrowed i.e. the principal sum. |
Profit |
Amount of money made by a business once all expenses have been subtracted from the turnover. Profit is shown as gross and net. |
Purchaser |
| The person buying something, for example, a house. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.