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Welcome to the Finance glossary, we have made this glossary to make you more comfortable in finding and understanding the finance terms. This is brought to you by the loan uk .
Use the A-Z alphabetical list to find definitions of key finance terms.Our aim is to provide the mostcomprehensive glossary of UK financial terms on the internet
Finance Terminology - P
Part Endowment
A mortgage that is arranged partly on an endowment basis, the balance of the loan most commonly being arranged on a capital and interest basis.
Partnership
More generally, a relationship of two or more entities conducting business for mutual benefit.
Pay Rate
See: initial rate.
Payment Cap
A legal limit on the amount a monthly payment can go up by on a variable rate loan / mortgage.
Payment Default
If you default on your credit repayments, the lender is entitled to reposes your house to recover the debt.
Payment Method
A means by which the mortgage capital is eventually repaid.
See accident, sickness and unemployment insurance.
Payment Protection Insurance
See ASU accident, sickness and unemployment insurance. And unemployment insurance.
Payment Schedule
A schedule of monthly payments under a loan.
Payment Shock
If you have taken out a mortgage on a low rate, the low rate end and the payment jump up the standard variable rate.
Pension Mortgage
An interest-only mortgage where the capital will be repaid from the tax free cash sum that can be received from the pension fund at maturity.
Period
The length of time for which, or end date until, the initial interest rate applies.
Personal Pension
Established under the social security act 1986, personal pensions allow individuals to make their own provision for an income in retirement. Tax relief is allowable on the contributions at the investor's highest marginal tax rate. Investments grow free of all taxes to create a fund to be used at retirement to purchase an annuity. Up to 25% of the fund may be taken as tax free cash and the balance must be used to purchase an annuity.
Portable
Describes a mortgage that can be transferred from one property to another. This most commonly applies to loans in the category of treasury product.
Postcode
The first one or two letters of the first part of the postcode. e.g. B for Birmingham.
Previous Lender's Reference
A reference from a lender who has previously lent money to a prospective borrower regarding the conduct of the loan account.
Prime Rate
The best interest rate possible to the lender's most valuable customers.
Principal
The amount of credit still outstanding - the amount on which interest is calculated.
Product
A mortgage product offered by a lender.
Professional
A person who is a member of a recognised profession, such as a doctor or solicitor. The definition of a professional can vary substantially from lender to lender with occupations such as banker being accepted as a profession by some but rejected by others. Many professions are disquvalified from practicing if they become bankrupt.
Property Construction
A method of construction.
Purchase
The acquisition of a property.
Purpose Built Flat
A flat designed and built as a self contained residential unit within a larger structure all sharing a common entrance.
Par value
The value of the security when it is first issued, also known as nominal value.
Passive management
Management strategy to buy a well diversified portfolio to represent a broad-based market index without attempting to search out mispriced securities
Penny shares
Shares that sells for just a few pence and are considered to be at a high risk and extremely volatile by most investors.
Personal Equity Plan (PEP)
Tax-efficient scheme for investing in shares , unit trusts, investment trusts, and corporate bonds. Since April 1999, PEPs have been replaced by the Individual Savings Account (ISA), which is a similar tax-free investment account.
Personal Investment Authority (PIA)
Self-Regulating Organisation which was responsible for authorising and policing independent financial advisers and other firms marketing financial products and services. It has now been absorbed into the Financial Services Authority under the Financial Services and Markets Bill.
Personal Pension Plan (PPP)
Private pension scheme run by insurance companies, unit trusts, building societies and banks. It aims to provide you with a pension at retirement plus other benefits. Unlike an occupational pension scheme, a personal pension plan need not be connected with a specific job.
Placing
An arrangement whereby a new issue of shares are not offered to the general public, but instead are sold to a small number of investors, usually, institutions investors such as pension funds.
Pooled funds
Collective or mutual funds.
Portfolio
A portfolio is a collection of different investments that make up your total investment holding.
Preference share
A type of share that pays a fixed percentage dividend. Preference shareholders come before the ordinary shareholder when it comes to payment of dividends and if a company is wound up. However, as with Ordinary shares a dividend is only distributed if the company has sufficient distributable profits available.
Preliminary results
The results reported by a company for a full financial year before the publication of the company's annual report of accounts.
Premium
A measure of how far the share price of an investment trust is above its net asset value, expressed as a percentage of the net asset value per share.
Pre-tax profits
A company's profits before the deduction of corporation tax.
Price-earnings ratio (PE)
The P/E ratio is the most important yardstick for assessing the relative worth of a share. It reflects the markets appraisal of the shares future prospects. A high P/E ratio suggests a company has good prospects of achieving above-average growth in the future. The P/E ratio of a company is calculated by dividing its share price by its earnings per share.
Profit and loss account
The profit and loss account is an important part of a company's annual accounts and gives the details of the company's trading performance for the previous financial year.
Prospectus
A document which has to be published by a company wanting to issue shares to the public in compliance with the rules and regulations of the Stock Exchange. It provides information on the company's business, its history, financial structure and future prospects.
Public Limited Company (plc)
A company which is registered as a public limited company, has an unlimited number of ordinary shareholders and can offer its shares to the public.
Purchased life annuity
An annuity which you choose to buy that gives you a guaranteed income for life.
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