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Maintenance charge (or service charge)
The cost of repairing and maintaining external or
internal communal parts of a building charged to the
tenant or leaseholder.
Maisonette
A property arranged over more than one floor (ie:
a portion of the house).
Mortgage
An amount of money advanced by a lender such as a
bank or building society on the security of a property
and repayable over a long period.
Mortgage deed
A legal document relating to the mortgage lenders
interest in the property and containing the terms
of the mortgage.
Mortgage indemnity guarantee (MIG)
An insurance policy that mortgage lenders may require
buyers to pay for if their loan is above a specified
proportion of the purchase price.
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 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 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 term
The period of time over which (repayment mortgage)
or at the end of which (endowment mortgage) the loan
is to be repaid.
Mortgagee
The lender of a mortgage (ie: bank or building society).
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