Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our 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, 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 (i.e., bank or building society).