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Mortgage in United Kingdom

GLOSSARY

A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms

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Main Residence
The property in which a person resides for the majority of the time. Also known as the 'principal private residence', it can often be important for tax purposes.

Maintenance
Legally enforceable payments made to contribute to the costs of bringing up a dependent, usually following a divorce.

Maintenance Charge
The cost of repairing and maintaining external or internal communal parts of a building charged to the tenant or leaseholder, usually annually.
See also Service Charge

Maisonette
A flat or apartment with more than one floor (ie: a portion of the house).

Margin
The number of percentage points that a lender adds to the index value in order to calculate the variable interest rate payable on a mortgage.

Market Appraisal
Carried out by a potential selling agent and, in their opinion, is the current marketing price of the property.

Minor
A person under the age of 18.

MIRAS
Acronym standing for Mortgage Interest Relief at Source, a tax relief scheme that expired on 5th April 2000.

Money Markets
The wholesale markets in which banks and other financial institutions lend money to one another. Mortgage lenders often borrow money in these markets, particularly for funding fixed rate mortgages.

Monthly Repayment
The amount payable to lender each month toward the cost of the credit they have given you.

Mortgage
A loan advanced by a lender such as a bank or building society on the security of a property and repayable over a long period.

Mortgage Adviser
A firm/ individual with permission for advising on regulated mortgage contracts.

Mortgage Broker
See also Mortgage Adviser, Intermediary.

Mortgage Code
The regulations that mortgage provider have to stick to.

Mortgage Deed
The legal document relating to the mortgage lenders interest in the property and containing the terms of the mortgage, ownership or title to a property.

Mortgage Disability Insurance
An insurance policy under which monthly mortgage payments will be maintained for a specified period in the event that the policyholder suffers a covered disability.

Mortgage Indemnity Guarantee (MIG)
An amount payable by buyers when a loan to property value exceeds the lender's maximum allowable. Amount payable and repayment terms of a M.I.G. vary according to each lender's mortgage arrangements.

Mortgage indemnity premium (MIP)
An insurance policy that protects the lender against default of mortgage repayments. Although the policy benefits the lender, it is the borrower who usually pays the premium..

Mortgage offer
The letter from the lender offering you the loan and setting out the terms and conditions upon which it is offered.

Mortgage payment protection (MPP)
This is an insurance designed to pay your monthly mortgage for a limited period usually a year if you are unable to work through illness, disability or redundancy.

Mortgage Payment Protection Insurance (MPPI)
See Mortgage payment protection (MPP)

Mortgage rate
The standard variable interest rate quoted by all mortgage lenders which normally varies with the Bank of England base rate. All discounted rates are based on this mortgage rate.

Mortgage Subsidy
A payment made by an employer towards an employee's mortgage payments to help cover the cost of mortgage repayments.

Mortgage Term
The period of time over which or at the end of which a mortgage loan must be repaid.

Mortgage Types
The type of mortgage. May be fixed, variable, capped, discount, tracker, stepped or other type of mortgage.

Mortgage Valuation
A survey to assess the value of a property. Usually conducted by a professional surveyor, this is the cheapest and simplest type of property survey and is usually the minimum survey required by a lender.

Mortgagee
The mortgage lender (ie: bank or building society).

Mortgagor
The borrower in a mortgage (whose property is secured for the loan).

Multiple agency
A situation where two or more agents are acting for the vendor. The agent who introduces a successful purchaser is the only one paid. See also Joint Sole Agency

Multiplier (Income)
See Income Multiplier

A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms A glossary of property and mortgage terms
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