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Abacus-money Jargon

P

Part & Part Mortgages

Term used to refer to mortgages that combine different mortgage types. For instance, a combination of a part capital and interest only mortgage.

Payment Holiday

This is a facility offered by some lenders that allow you to stop making mortgage payments altogether for a limited period of time.

PCP Agreement

Personal Contract Purchase Agreement. This can be a way of avoiding the depreciation trap when purchasing a car. A PCP agreement allows you the option to set up a contract term with monthly payments. At the end of the term, you then have the option to purchase the vehicle, or simply hand it back to the contract provider.

Portable

In relation to a mortgage, this refers to a mortgage that can be transferred between properties when the account holder moves home.