Jargon Buster

Maintenance Charge

The costs that are incurred by a freeholder for repairing and maintaining internal and external communal parts of a building which is passed to the leaseholder.

Maisonette

A property that is arranged over more than one floor, but forming part of a shared property.

Mortgage

The sum of money which is advanced by a lender that is secured against a property.

Mortgage Deed

The legal documentation relating to the mortgage lender’s interest in the property and containing all terms and conditions of the mortgage.

Mortgage Payment Protection (MPP)

Insurance that pays your monthly mortgage payments, normally for a specific period, if you are unable to work because of redundancy, sickness or accidents.

Mortgage Rate

This is the rate of interest paid to the mortgage lender dependent upon what mortgage option has been chosen.

Mortgage Term

The period of time over which, in the case of a repayment mortgage or at the end of which in case of an endowment mortgage, the loan is to be repaid.

Mortgagee

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