Jargon Buster

Payment Break

An option on flexible mortgages that allows you to stop making mortgage payments for up to 6 months.

Penalties

The costs that can be incurred if a borrower repays all or part of a mortgage prior to the end of an agreed period or switches between lenders.

Peppercorn Ground Rent

A very nominal periodic rent usually paid per annum.

Pied à terre

A property kept for temporary, secondary or occasional occupation.

Preliminary Enquiries

Initial enquiries raised about a property that is being sold by the conveyancer which the seller must answer before exchange of contracts.

Premium

The monthly amount payable for an insurance policy.

Principal

The sum of the loan on which interest is calculated.

Probate

The disposal of a property by an executor of a will following the death of the owner.

Public Liability Insurance

Insurance which covers injury or death to anyone on or around your property.

Purchaser

Anyone who is buying a property.