Glossary of Terms

We have gathered together on this page, a collection of terms most used in the Mortgage, Financial and Property Services Industries.

If you are searching for the meanings of Mortgage, Financial or Property terms, please click on the initial letter below. A list of terms commencing with that letter will be presented and, hopefully, you will find what you want.

If you cannot find explanations for the terms you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.

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M

MPPI
Mortgage Payment Protection Insurance (See also ASU). This insurance is designed to cover the borrowers mortgage payments in case of accident, sickness or involuntary unemployment.
MIRAS
Mortgage interest relief at source. This was tax relief on your mortgage but was abolished by the government with effect from April 2000.
MIG
Mortgage Indemnity Guarantee (See , or ). This is insurance that covers the lender in case your property is repossessed and the lender cannot get back their money. Although this insurance protects the lender, you have to foot the bill. Some lenders will add the MIG on completion of the mortgage, whilst others will deduct the relevant amount at completion. This usually applies to high percentage mortgages of over 75% loan to value.
Mining Records
Coal mining has long had an important role in Britain's industry and considerable stretches of land in Britain are affected by the industry. Past or current coal mining activity can have an effect on surface property and in coal mining areas a coal mining search is essential prior to the completion of a house purchase. Other mining activities may have also affected properties and, in these areas, searches are also necessary.
Mortgage
A loan to buy or refinance a property where the property is used as security for the loan.
Mortgage Term
The term over which you agree to repay the loan.
Mortgagee
The Company or Organisation that lends you the money.
Mortgagor
The person taking out the mortgage.
Mundic Reports
Mundic is also known as pyrite or iron pyrites and was sometimes found in Cornish tin and copper mines. When the tin and copper was extracted, so was mine waste in the form of aggregate. Some of this aggregate( a mixture of stone and sand) is used with cement and water to make concrete. Mundic is often used to describe concrete and concrete blocks made with materials from mines. Many years ago it was discovered in the Cornish Mining Areas that material from these activities used in housing construction was beginning to show signs of deterioration leading to undoubted Unsoundness. Tests have been developed to determine if concrete in these areas is sound.