Understanding the terminology used in the home buying and refinancing process is not always easy. There are many mortgage-related words and phrases that may cause confusion.
Our Glossary provides a comprehensive list of mortgage terminology to help you.
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M
main residence
- the normal place of residence, see also: holiday home and second home.
maintenance payments
- money either paid or received under a court order in respect of a previous partner or child.
maisonette
- property comprising more than one separate dwelling; used to describe a flat which extends over more than one floor or a flat which, despite there being other units in the building, has its own entrance at street level.
mortgage -
- loan secured by land.
mortgage deed
- legal document establishing a loan on property.
mortgage subsidy
- a payment made by an employer to subsidise the cost of interest payments on a home loan. The amount and extent of the subsidy will vary from employer to employer and these can be calculated in a variety of different ways. It is advisable to seek a specific statement from your employer on the operation of the arrangement.
mortgage term
- length of time before the mortgage loan must be repaid.
MPI
- Mortgage Payment Insurance - Insurance cover to protect your mortgage payments.
mtgs
- an abbreviation for mortgage(s)
multipliers (income)
- factor applied to a prospective borrower's income to calculate how much can be borrowed.
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