P

Payment break/holiday

An option on flexible mortgages that allows you to stop making mortgage payments for a set period of time as agreed by the lender.

Penalties

A specified charge that is levied by the lender under certain circumstances, usually for full or part repayment within a specific period linked to a discount, tracker, fixed or other product type.

Peppercorn ground rent

A nominal periodic rent usually paid annually by a leaseholder.

Pied àTerre

A property kept for temporary, secondary or occasional occupation.

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