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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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