Glossary

P60 - A document that is provided annually to an employee showing details of income received and tax paid for the year.

Payment Holiday - A break from Mortgage payments that is approved by the lender. Interest accrued during the payment holiday may be added to the loan balance.

Payslip - A document issued to an employee from an employer that shows details of gross income and deductions for tax, national insurance etc.

Portable Mortgage - A Mortgage that can be transferred to a new property when a borrower moves home.

Principal - The outstanding balance of a mortgage.