GLOSSARY - M
Mortgage Adviser |
Mortgage advisers are responsible for giving mortgage and protection policy advice as an appointed representative or totally independently. |
Mortgage Offer |
Formal document from the lender stating the amount to lend and on what conditions and terms. |
Mortgage Guarantor |
A person who guarantees to make mortgage repayments in the event of the borrower being in default. |
Mortgage Indemnity Guarantee (MIG) |
An insurance policy intended to protect the mortgagee against loss in the event of the borrower defaulting or ceasing the mortgage repayment. |
Mortgage Protection Policy |
A life insurance policy with a decreasing sum assured designed to protect the outstanding investment of a repayment mortgage. |
Mortgage Term |
The duration, over which the lender is willing to make the advance money before it is repaid. |
Mutual Membership Terms |
Deciding to take a mortgage with the lender to enable the borrower to become a mutual member of the organization. |