Today's best mortgages
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.
MIRAS
Acronym standing for Mortgage Interest Relief At Source, a tax relief scheme that expired on 5th April 2000.
Mortgage
A legal document that pledges a property to the lender as security on a loan.
Mortgage Broker
A c o m p a n y s u c h a s A l e x a n d e r H a l l A s s o c i a t e s w h i c h m a t c h e s b o r r o w e r s w i t h l e n d e r s , a s w e l l a s u n d e r t a k i n g a c e r t a i n a m o u n t o f a p p l i c a t i o n p r o c e s s i n g . T y p i c a l l y a m o r t g a g e b r o k e r w i l l r e c e i v e a f e e d i r e c t l y f r o m t h e l e n d e r f o r t h e s e s e r v i c e s . S e e a l s o I n t e r m e d i a r y .
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 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
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