P

Pension

A repayment vehicle associated with Interest Only Mortgages.

Personal Equity Plan (PEP)

A repayment vehicle associated with Interest Only Mortgages.

Portability

A portable mortgage is one that can be transferred to another property without penalty if the borrower moves house within an Early Repayment Charge period. The new interest rate that the Lender will be prepared to offer depends on whether the loan amount increases or decreases. If the latter, Early Repayment Charges may apply.

Procuration Fee

This is commission paid by Lenders to intermediaries for introducing business to them. If the intermediary receives more than £250 they are obliged under the Mortgage Code to disclose to the borrower the exact amount they received. Also Known as: Introducer Fee.