Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with M

Mortgage jargon buster

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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.

Maisonette

A flat or apartment with more than one floor.

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.

Minor

A person under the age of 18.

MIP

See Mortgage Indemnity Guarantee

MIRAS

Acronym standing for Mortgage Interest Relief At Source, a tax relief scheme that expired on 1st April 2000.

Mortgage

A legal document that pledges a property to the lender as security on a loan.

Mortgage Code Arbitration Scheme

A scheme, administered under the Mortgage Code, that allows disputes between borrowers - or prospective borrowers - and lenders to be resolved without court action.

Mortgage Deed

The legal document that confers 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 insurance policy taken out by a lender against any loss caused by a mortgage default. MIG is typically required for loans with an LTV of 90% or higher. Also known as Mortgage Indemnity Fee and as Mortgage Indemnity Premium.

Mortgage Subsidy

Payment made by some employers to employees to help cover the cost of mortgage repayments.

Mortgage Term

The period of time over 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 lender in a mortgage.

Mortgagor

The borrower in a mortgage.

Multiplier (Income)

See Income Multiplier

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z