Maintenance Charge (or Service Charge)
The cost of repairing and maintaining external and/or internal communal parts of a building, which are then charged to the tenant or leaseholder.
Maisonette
Technically a maisonette is an apartment which is on two levels, with its own separate access. Although generally properties on two levels, with or without separate access, are referred to as maisonettes.
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.
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
A company which advises lenders on the types of loans available and which 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. a bank or building society.
Mortgagor
The recipient of the mortgage.
Mortgage Indemnity Guarantee
An insurance policy that a mortgage lender may require the purchaser to pay if their loan is above a specified amount of the purchase price.
Multiple Agency
See joint agency.