Business / Debt Glossary

Open End Mortgage: A mortgage permitting the mortgagor to borrow additional money under the same mortgage, with certain conditions, usually as to the assets of the mortgage.

Open Interest: The net amount of outstanding open positions, either long or short, in a given futures or options contract.

Ownership: Rights to the use, enjoyment, and alienation of property, to the exclusion of others. Concerning real property, absolute rights are rare, being restricted by zoning laws, restrictions, liens, etc.

Partial Release: Partial Release is a mortgage provision allowing some of the pledged collateral to be released if certain requirements are met.

Pass Book: A book of recorded transactions in a savings account, issued by banks and building societies in which a customer's deposits, withdrawals and interest are entered. The book is retained by the . . . View Full Definition

PAYE (Pay As Your Earn): People who earn income from employment or who receive a pension are liable for income tax under the PAYE system.

Payment Cap: A Payment Cap is the maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate. If the payment is less than the interest alone, negative . . . View Full Definition

Pension Mortgage: A personal mortgage is a type of personal pension plan which utilises the tax free lump sum entitlement from the pension fund at retirement age to repay a mortgage whilst the remainder is us . . . View Full Definition

Personal Allowance: Tax allowances are concessions by the Inland Revenue which can be used to reduce a person's Taxable Income. The main allowance for taxpayers is the 'personal allowance'; which is an amount o . . . View Full Definition

Personal Equity Plan: A plan where people over the age of 18 could formerly invest in the shares of state and companies via an approved plan manager or through qualifying unit trusts and investment trusts and rec . . . View Full Definition

Personal Income: Personal income is a person's total income which includes salary, transfer payments, dividend and interest income.

Personal Loan: Loans available from banks and other financial institutions to private individuals for personal use such as the purchase of a motor vehicle, holiday or similar item are personal loans. Repay . . . View Full Definition

Personal Possessions: The personal possessions of a deceased person which pass to the beneficiary or beneficiaries of the residue of estate unless otherwise stated in the will.

Postal Account: A personal account is a building society account in which all transactions are conducted via post. In some cases a pass book is used to record deposits and withdrawals although societies are . . . View Full Definition

Power Of Attorney: A document which authorises a person to act on behalf of another is a power of attorney.

Privatization: The sale of government-owned equity in nationalised industries or other commercial enterprises to private investors is the act of privatization.

Property Tax: Local tax assessed on property owned, such as real estate or automobiles.

Public Sector Net Cash Requirement: Formerly known as Public Sector Borrowing Requirement (PSBR), PSNCR is the difference between the expenditure of the public sector and its income. Where there is a deficit it is financed by . . . View Full Definition

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