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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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MCCB |
Refer to Mortgage Code Compliance Board. |
MGI |
Refer to Mortgage Guarantee Insurance. |
| Stands for Mortgage Indemnity Guarantee. Refer to Mortgage Guarantee Insurance. |
| Mortgage Interest Relief at Source. This was a historic tax relief on mortgage interest calculated at 10% of first £30,000. It was phased out in April 2000. |
Money Laundering |
Money laundering is the illegal practice of engaging in specific financial transactions in order to conceal the identity, source and/or destination of money gained by illegal means e.g. drug trafficking. |
Monthly Interest |
Interest applied to an account on a monthly basis. It is usually charged daily. |
Monthly Repayment |
| The amount of money you are required to pay each month to repay your loan. |
| A loan to purchase a home, where the property has been used as security for the loan by the Lender taking a legal charge over the property until the loan has been repaid. |
Mortgage Lender |
| A bank, building society or other company which lends money against the property (security) being purchased or remortgaged. |
Mortgagor |
A term that refers to the Customer taking out the mortgage. This is sometimes confusing as in lease transactions the Lessee is the customer and the Lessor is the Lender (Hirer Company). |
Mortgagee |
The term applied to the Lender who grants a mortgage to a mortgagor (Customer). |
Mortgage Arrears |
| see Arrears |
Mortgage Broker |
A firm or individual who brings the Borrower and Lender together, receiving a commission if a sale results. |
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| The Mortgage Code Compliance Board used to be the non-statutory regulator for the mortgage industry before this role was taken over by the Financial Services Authority. The MCCB used to oversee compliance with the Mortgage Code but this code was replaced by the Financial Services Authority (FSA) from 31 October 2004. |
Mortgage Deed |
The legal document by which the Lender secures the loan against the Borrower's property. |
Mortgage Guarantee Insurance |
An insurance policy designed to make good any shortfall between the amount owed on a mortgage and value of property. Provides additional security to the Lender if the property is reposessed due to non-payment. See also Mortgage Indemnity Premium. Note that MGI is not ever required for a Secured Loan |
Mortgage Indemnity Guarantee |
| See Mortgage Guarantee Insurance above |
Mortgage Indemnity Premium |
| This only applies to mortgages and not secured loans. If you want to borrow more than 75% or 80% of your property value some Lenders will charge you a Mortgage Indemnity Fee. See also MGI |
Mortgage Intermediary |
A firm or individual who brings the Borrower and Lender together, receiving a commission if a sale results. |
Mortgage Offer |
A formal document from the Lender stating how much it is offering to lend you and on what terms. The Borrower must sign and return a copy of the offer indicating their acceptance of the proposed terms. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.