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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

  1. 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.

  2. Maisonette

    A self-contained apartment (usually on two floors) in a larger house with its own entrance from the outside.

  3. 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.

  4. 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.

  5. Mortgage broker

    Someone who advises buyers on the types of loans available and helps to process any subsequent application.

  6. Mortgage deed

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

  7. 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.

  8. Mortgage term

    The period of time over which a mortgage loan must be repaid.

  9. Mortgage type

    This may be a fixed, variable, capped, discount, tracker or another type of mortgage.

  10. Mortgagee

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

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