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Glossary of Mortgage Terms: P to R
Mortgage Terms Defined on this page:
Payee,
Payer,
Payment Holiday,
Payment Protection Insurance (PPI),
Penalty Rate,
Personal Loan,
Poor Credit,
Quotation,
Redemption Penalty,
Remortgage,
Repayment Holiday,
Repayment Period / Term.
Please see further definitions on the pages below:
A-B, C, D-E, F-G, H-I-J, L-M-N-O, P-Q-R, S-T-U-V-W-X-Y-Z.
Definitions:
Payee
The person or business that receives a payment.
Payer
The person or business that makes a payment.
Payment Holiday
A break from the monthly repayments on a loan.
Payment Protection Insurance (PPI)
A type of insurance to which will cover your monthly payments if you can't because you are made redundant, have an accident or become ill.
Penalty Rate
An increased rate of Interest on your loan that is applied after you have made late payments.
Personal Loan
A Personal Loan is a method of borrowing a lump sum of money from a Financial Services Provider such as a bank or building society.
Poor Credit
A term used to describes the situation when you have had problems related to credit in the past. These problems could be missed mortgage payments, CCJs or other issues to do with paying back a loan. Also known as Bad Credit or Adverse Credit.
Quotation
A statement of the cost and Terms And Conditions of a financial arrangement such as a loan. You can request a Quotation at any time and it should include all the relevant information. For a loan this will be the Interest Rate, the number of payments and how often you must make them, and any other fees. It should also usually includes the Annual Percentage Rate (APR) to make it easier for you compare loans. A Quotation is also referred to as a quote.
Redemption Penalty
A charge made by a Lender if you want to pay back your loan earlier than you originally agreed.
Remortgage
When you switch mortgages or lenders without moving home it is known as a remortgage
Repayment Holiday
A break from the monthly repayments on a loan.
Repayment Period / Term
Another phrase used to describe the Loan Term, which is the amount of time you will be repaying the loan for. The shorter the period the less Interest you will pay. However, the monthly payments will be higher because the amount borrowed is spread over a shorter length of time.
Please see further definitions on the pages below:
A-B, C, D-E, F-G, H-I-J, L-M-N-O, P-Q-R, S-T-U-V-W-X-Y-Z.
Poor Credit Mortgages
Self Certification Mortgages
Specialist help for Self Employed People:
- Income - but can't prove it?
- No accounts / Self Employed?
- Self Certify your Income.
- Get help switching self certification mortgages.
Right to Buy Mortgages >>
Get help finding a right-to-buy mortgage.
- If you have been a secure council tenant for at least two years you may be eligible to buy your council home at a reduced rate.
- We can help you find a suitable mortgage if you are ready to buy your council home or want to re-mortgage.