Main Residence
Often referred to as the Principal Private Residence. It refers to the property where one resides most of the time.
Maintenance
A regular payment that could be enforced through law towards the costs of raising a minor dependent. In a divorce matter, a party who the child is resident with receives maintenance from the other party.
Maintenance Charge
Please also see Service Charge.
A sum of money annually payable by the tenant to the leaseholder towards the cost of maintaining and undertaking repairs of the areas shared by all tenants (lessees).
Maisonette
A term that refers to an apartment or flat situated over more than one floors that has its own entrance.
Margin
Percentage added by the lender to the index value to work out a variable rate of interest.
Market Appraisal
A survey of the property market undertaken by the estate agents to ascertain the value of the property in question.
Minor
A term referring to a person who is under 18 years old.
MIRAS (Mortgage Interest Relief at Source)
A type of tax relief that is no longer available. This scheme ended in year 2000, April 5th.
Money Markets
A type of wholesale market making it possible for lenders to borrow money from one another that is then used to fund their own financial products.
Monthly Repayment
A set amount of money paid to the lender each months towards the outstanding loan balance.
Mortgage
A type of loan secured against the land and/or property which is repaid within the agreed period of time.
Mortgage Adviser
A professional person who is qualified to provide advice on the mortgage products available to date.
Mortgage Broker
Same as Mortgage Advisor, Intermediary.
A professional person/company that offers services in finding and arranging a suitable mortgage product.
Mortgage Code
A set of regulations the lender must comply with to ensure certain standard of services and quality of the product offered.
Mortgage Deed
A type of legal document confirming the lender’s interest in the specified property. Usually contains lender’s name and registered company address, property title, names and signatures of the mortgagees that must be independently witnessed.
Mortgage Disability Insurance
A type of insurance cover whereby the borrower’s mortgage payments are to be protected for an agreed period should he lose his income through disability as defined by the policy.
Mortgage Indemnity Guarantee (MIG)
A payment by the purchasers to their lender on a mortgage where the mortgage amount represents a higher amount than the lender’s agreed maximum amount.
Mortgage indemnity premium (MIP)
A type of insurance that offers protection to the lender in case of the borrower’s failure to keep up with payments. It is the borrower who usually takes the policy, but it is the lender who is covered by the same.
Mortgage offer
A formal letter from the lender confirming the details of the proposed loan including the terms and conditions of the borrower’s loan.
Mortgage payment protection (MPP)
A type of insurance available to employed person to protect against the loss of income by way of redundancy, long-term illness, disability, etc.
Mortgage Payment Protection Insurance (MPPI)
Often referred to as MPP (Mortgage Payment Protection).
Offers financial protection where one is left with no income as a result of redundancy, illness, disability, etc.
Mortgage rate
A rate of variable interest used by mortgage lenders. The rate varies depending on the current rate set by the Bank of England.
Mortgage Subsidy
Some employers offer a sum of money to their employees to be used towards their mortgage.
Mortgage Term
An agreed time period upon the expiry of which mortgage loan must be fully repaid.
Mortgage Types
Various mortgage products available from different lenders. For example, capped mortgages, discount, fixed mortgages, tracker, variable rate mortgages, etc.
Mortgage Valuation
The minimum survey that the lender insists on before the decision is made whether to lend the money against the property. It is undertaken by the professional surveyor and will also evaluate how much the property is worth. Tends to be the most basic and cheapest property survey.
Mortgagee
More often referred to as lender.
A financial body (bank, building society, etc) who transferred agreed amount of money (mortgage) in exchange for the interest in the property and the agreed percentage of the loan itself.
Mortgagor
More often referred to as the borrower.
A person or persons who successfully obtained a mortgage on their property.
Multiple agency
Please also see Joint Sole Agency.
Circumstances where more than one agent represent the vendor in the sale of the property. However, the commission is paid to the agent who finds the successful buyer.
Multiplier (Income)
Please also see Income Multiplier
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