Appraisal Financial Glossary
What is it? A written opinion by a professional of the market value of property.Finance Term Definition Added By: Adam
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Other Similar Finance Terms:
Financial Term PITI (Principal, Interest, Taxes and Insurance) is Used to indicate what is included in a monthly payment on real property. Principal, interest, taxes and insurance are the four major portions of a usual monthly payment.Financial Term Mortgage Insurance Premium is The consideration paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance (PMI) company.
Financial Term Book value is This is an accounting term. The book value of a company is determined by adding up all of the companys assets and then deducting all of its debt and liabilities. The Book value of a companys assets or securites may have little relationship to the market value of the company.
Financial Term Pension Mortgage is This is an interest only mortgage which is supported by a Personal Pension Plan. Interest only is paid to the lender and in addition premiums are paid into a Personal Pension Plan. On retirement a portion of the personal pension fund can be taken as a tax free cash sum and it is this cash lump sum (or a part of it) which is used to repay the mortgage debt. The disadvantage of this type of mortgage is that the mortgage term must run through to anticipated retirement age (for the younger borrower this could exceed 25 years) and part of the retirement fund is used to repay the mortgage debt. The advantage is that the pension premiums attract tax relief at the borrowers highest rate.
Financial Term Pep Mortgage is This is an interest only mortgage which is supported by a Personal Equity Plan. Interest only is paid to the lender and at the same time contributions are made to a Pep with the aim that the mortgage debt will be repaid on or before the end of the mortgage term from the proceeds of the Pep. Peps were withdrawn on 5th April 1999 and were replaced by the Individual Saving Account. Existing Pep plans can remain in force and will remain both income tax and capital gains tax free.