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Pep Mortgage Financial Glossary

What is it? 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 Peps were withdrawn on 5th April 1999 and were replaced by the Individual Saving Account.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.

Finance Term Definition Added By: Lucas

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