Jargon Buster
Understand property related jargon.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
-
Maintenance charge (or service charge)
The cost of repairing and maintaining external or internal communal parts of a building charged to the tenant or leaseholder.
-
Maisonette
A self-contained apartment (usually on two floors) in a larger house with its own entrance from the outside.
-
Mortgage
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 of time.
-
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.
-
Mortgage broker
Someone who advises buyers on the types of loans available and helps to process any subsequent application.
-
Mortgage deed
The legal document that confers ownership or title to a property.
-
Mortgage rate
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.
-
Mortgage term
The period of time over which a mortgage loan must be repaid.
-
Mortgage type
This may be a fixed, variable, capped, discount, tracker or another type of mortgage.
-
Mortgagee
The lender of a mortgage (i.e. bank or building society).
