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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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