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Additional
security fee
An up-front, one off fee paid to the lender to protect
them against the borrower defaulting on the loan. Usually,
charged on mortgages over 75% of the house value. Also
known as MIG, Indemnity Guarantee premium and Mortgage
Indemnity Premium.
Annual percentage rate
(APR) the total cost of a loan, including all costs, interest
charges and arrangement fees shown as a percentage rate
and easily comparable with mortgage interest rates.
Arrangement fees
Charged to arrange a loan on certain products. Usually
applied to loans where a special interest rate applies
e.g. fixed or capped rates.
Assignment
The transfer of ownership of an insurance policy or lease.
Auction
The sale of a property to the highest bidder.
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