Payment Protection
Insurance which pays your monthly mortgage payments, usually for a specified period, if you lose your income through sickness, injury or unemployment.

Pension Plan
An investment plan which can provide a lump sum and an income after retirement. A pension plan is sometimes used as a way of providing a lump sum to repay the capital of an interest only mortgage.

Principal
The amount of the loan on which interest is calculated.

Part Interest Only

This is a combination of an interest only loan and a capital and interest loan. At the end of the mortgage term the interest only amount will still be outstanding. The part of the loan on a capital and interest basis would be fully paid as a result of the monthly payments of capital and interest.

For example, a mortgage of £80,000 over a 25 year period with £20,000 Part Interest Only:-

A mortgage of £80,000 over a 25 year period with £20,000 Part Interest Only

Payment Holiday

A Payment Holiday is agreed time off from paying your mortgage. Certain conditions apply. more info

Payment Protection Insurance

Payment Protection Insurance is designed to cover your monthly mortgage payments if you are unable to work due to accident, sickness or unemployment. more info

Product

The mortgage deal your account is currently on e.g. Base Mortgage Rate, Standard Mortgage Rate, Fixed Rate or Tracker.

Property Insurance

This will either be Buildings insurance or Contents insurance or a combination of both depending on which policies you have with us. To ensure continuous cover Nationwide pays the premiums to the insurers direct on your behalf. You then pay the premiums back to Nationwide in your monthly payments.