Glossary - M

Main Residence
One's usual place of residence. See also: holiday home and second home.
Maisonette
This is a property comprising of more than one separate living area 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
Compulsory items in the financial plan that you are buying. Monthly Fee top A fee charged once a month.
Monthly Repayment
The amount you pay a lender each month toward the cost of the credit they have given you.
Mortgage
Credit used to buy property or loan secured by land.
Mortgage Code
The regulations that mortgage provider used to abide by. From 31 October 2004 the Financial Services Authority (FSA) is responsible for regulating the activities of lenders and intermediaries who will follow new statutory rules published by the FSA in relation to selling and promoting first mortgages secured on the borrower's home. The Mortgage Code will not apply from this date and The Mortgage Code Compliance Board (MCCB) has therefore ceased its regulatory operations.
Mortgage Deed
Legal document establishing a mortgage on property. Mortgage Indemnity Guarantee top See high loan to value fee.
Mortgage Subsidy
This is a payment to an employee by an employer to subsidize the cost of interest payments on a mortgage. 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
This is the time span of a mortgage loan Mortgage Payment Insurance.
(MPI)
This is an insurance policy to protect mortgage payments
Want A Quote?Need Advice?

 

The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

 

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

 

There will be a fee for mortgage advice of £299. Telephone calls may be recorded for training purposes.