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Jargon Buster - M

A B C D E F G I J L M N O P R S T U V Y

Maintenance charge (or service charge)

Mortgage

An amount of money advanced by a lender on the security of a property and repayable over a long period of time.

Mortgage Broker

A person who advises on the types of loans available and assists any subsequent application.

Mortgage Deed

The legal document that confers ownership or title to a property.

Mortgage Payment Protection (MPP)

Insurance designed to pay your monthly mortgage for a period, if you are unable to work for reasons beyond your control.

Mortgage Rate

The interest rate quoted by mortgage lenders.

Mortgage Term

The time over which a mortgage loan must be repaid.

Mortgagee

The lender of a mortgage (i.e. bank or building society).

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