Maintenance Charge (or Service Charge)
The cost of repairing and maintaining external and/or internal communal parts of a building, which are then charged to the tenant or leaseholder.
Technically a maisonette is an apartment which is on two levels, with its own separate access. Although generally properties on two levels, with or without separate access, are referred to as maisonettes.
An amount of money advanced by a lender, such as a bank or building society, on the security of a property and repayable over a long period.
Mortgage Payment Protection (MPP)
This is an insurance designed to pay your monthly mortgage for a limited period, usually a year if you are unable to work through illness, disability or redundancy.
A company which advises lenders on the types of loans available and which helps to process any subsequent application.
The legal document that confers ownership or title to a property.
The standard variable interest rate quoted by all mortgage lenders which normally varies in line with the Bank of England base rate. All discounted rates are based on this mortgage rate.
The period of time over which a mortgage loan must be repaid.
This may be a fixed, variable, capped, discount, tracker or another type of mortgage.
The lender of a mortgage i.e. a bank or building society.
The recipient of the mortgage.
Mortgage Indemnity Guarantee
An insurance policy that a mortgage lender may require the purchaser to pay if their loan is above a specified amount of the purchase price.
See joint agency.