Land Property Terms with "M"

Glossary of Land Property - Glossario Immobiliare

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Maintenance Charge: the charge made, usually annually, by the landlord, to cover the costs of maintaining the property as set out in the lease.

Maisonette: this describes a property whose accommodation is arranged over two or more floors, normally used as a self-contained apartment

Mortgage: loan for which property is the security (usually for house/ property purchase for a private individual or now more and more common – Buy to Let property).

Mortgagee: this is the organisation that provides a mortgage to the buyer of a property and can include banks and building societies.

Mortgage Deed: the document incorporating the conditions of a loan secured on a property.

Mortgage Offer: the letter (advice) from the lender offering you the loan and setting out the terms and conditions upon which it is offered.

Mortgage Indemnity Guarantee (MIG): this is an insurance payment that mortgage lenders may require buyers to make if their loan exceeds a specified proportion of the purchase price.

Mortgage Indemnity Premium (MIP): this is an insurance policy that protects the lender against mortgage repayment defaults. Although the policy is of benefit to the lender, it is usually the borrower who pays the insurance premium.

Mortgage Payment Protection (MPP): this is insurance against your inability to meet your mortgage repayments, should you be unable to work because of illness, disability or redundancy. It normally comes into effect for a limited period, usually a year.

Mortgage Rate: this is the standard variable interest rate that is quoted by mortgage lenders. It will normally follow the Bank of England’s base rate. Discounted mortgage rates are all based on this rate.

Mortgagor: the borrower – owner (whose property is secured for the loan).

Mortgage Term: this is the period of time over which the loan is to be repaid. For repayment mortgages this will happen over that period. For endowment mortgages, this will happen at the end of the period.

Multiple Agency: a situation where two or more agents are acting for the vendor. The agent who introduces a successful purchaser is the only one paid. (See also Joint Sole Agency).