Whether you've bought or sold a property before or not, there's lots of lingo to get your head around. Hopefully my explanations of these terms will help you.
This is the charge that will have been agreed in the initial contract with the landlord that covers costs of maintaining a property. Depending on the type of property in question, this will typically include things like keeping the garden and communal areas and outside of the property in good order.
Related: Understanding leasehold and freehold
MIG – stands for “Mortgage indemnity guarantee” and is an insurance premium that lenders sometimes require you to take out in certain situations but often when there is some uncertainty as to a right on the property.
Mortgage Interest Relief At Source. Tax relief available on interest payments on the first £30,000 of your mortgage. Phased out in April 2000 by the Government.
A long term loan to fund the buying of a property.
This is a document that details the conditions of a loan/mortgage secured on a property.
An up-front, one-off fee paid to the lender to protect them against the borrower defaulting on the loan. Usually charged on mortgages over 75% of the house value. Also known as Indemnity Guarantee Premium or Mortgage Indemnity Premium.
This is normally in letter form from the lender offering you a loan and setting out the conditions by which it is offered.
See Accident Sickness and Unemployment Insurance as they are essentially the same thing.
Period over which mortgage is to be repaid.
The lender of a mortgage.
The house buyer who takes out a mortgage.
See Joint/Multiple agency earlier in this property glossary page.
