Jargon Buster
Payment break
An option on flexible mortgages that allows you to stop making mortgage payments for up to 6 months.
Penalties
Costs that may be incurred if the borrower repays the loan too early or switches between lenders.
Peppercorn ground rent
A nominal periodic rent usually paid annually.
Pied a terre
A property kept for temporary secondary or occasional occupation.
Preliminary enquiries
The initial enquiries about a property put forward to a seller which the seller must answer before the exchange of contracts.
Premium
The monthly amount payable for an insurance policy.
Premium lease
Lump sum paid up front as rental for a property.
Principal
The sum of the loan on which interest is calculated.
Public liability insurance
Insurance which covers injury or death to anyone on or around your property.
Purchaser
A person who is buying a property.
