Mortgage Dictionary: M

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Financial Services > Mortgages > Glossary

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Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

 

Main Residence

The normal place of residence. See also: holiday home and second home.

Maisonette

A property comprising of more than one separate living areas; used to describe a flat which extends over more than one floor or a flat that has its own entrance at street level.

Mandatory Products

Compulsive items in the financial package that you are purchasing.

Monthly Fee

A fee charged once a month.

Monthly Repayment

This is the amount you pay our lender each month toward the cost of the credit they have given you.

Mortgage

The name given to credit used to buy property or loan secured by land.

Mortgage Code

The regulations that mortgage provider have to stick to.

Mortgage Deed

Legal document establishing a loan on property.

Mortgage Indemnity Guarantee

See high loan to value fee.

Mortgage Subsidy

A payment made by an employer to subsidise the cost of interest payments on a home loan. The amount and extent of the subsidy will vary from employer to employer and these can be calculated in a variety of different ways.

Mortgage Term

Is the length of time before the mortgage loan must be repaid.

Mortgage Payment Insurance (MPI)

This is an insurance cover to protect your mortgage payments.

MTGS 

An abbreviation for mortgage multipliers (income) this is a factor applied to a prospective borrower's income to calculate how much the prospective borrower is able to borrow.

 

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