Glossary of mortgage terms - P
Not sure what a MIG is or what fixed-rate and leasehold all means? We can help you through the maze of jargon with our easy-to-use mortgage glossary. Find the words you want using the buttons below.
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Portable Mortgage
A portable mortgage is one which allows the borrower to move their mortgage from one property to another if they need/want to move. This is important particularly if you are taking advantage of an introductory offer that comes with early redemption penalties. In that instance, if there are redemption penalties for the first 3 years for example, then if you wanted to move house after 18 months and didn't have a portable mortgage, then you would have to pay the penalties and then get a new mortgage product.
Principal
In relation to mortgages, Principal is the amount of money which you have borrowed, not including the interest which is calculated and paid on it. In the case of an interest-only mortgage, it would be the amount you would be expected to pay at the end of the mortgage term (typically 25 years).
Why Avocado?
Avocado Mortgages can help power charge your finances, releasing equity tied up in your property.
- To treat our customers fairly and with honesty and integrity in a courteous manner at all times.
- To offer our professional yet personal service to our customers in a speedy manner.
- To endeavour to recommend the most suitable lenders and products to satisfy customer needs, using the whole market place.
- To provide our customers with all the relevant information required during the process and to ensure that customers fully understand the information.
- To endeavour to make prompt contact with new clients to start our advice process as soon as possible, ensuring that the client is able to speak to an experienced advisor.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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