New house, new ceiling

Article Abstract:

United Kingdom personal equity plans (Peps) can be used to repay mortgages and there is concern that their replacement by Individual Savings Accounts (Isas) could create problems for Pep mortgage plan holders. Two partners can each use a planned Isa allowance of 50,000 pounds sterling, giving a total of 100,000 pounds. The average mortgage in the UK is 54,844 pounds, rising to 69,066 pounds for Greater London. Borrowers should seek professional advice before taking a decision on a Pep mortgage.

Commercial Banks, Personal Tax Planning, Mortgage and Nonmortgage Loan Brokers, Consumer Mortgage Loans, Finance, Personal finance, Mortgages

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Plan details

Article Abstract:

There are almost 400 personal equity plans available in the United Kingdom which include general Peps, single company Peps, and self-select Peps. Information is available on maximum and minimum investments per month, charges levied annually, and the cost of moving from one plan to another. Not all Pep providers wish to provide information, or are able to do so, which means that information is not available for all Pep plans.

Investment Offices, Investment Companies, Open-End Investment Funds, Financial services industry, Financial services, Surveys

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