M

Maintenance Charge
Charge to a tenant or leaseholder made by a landlord to cover costs of maintaining a property. Also known as Service Charge.

Maisonette
Property that comprises a portion of a larger building, usually arranged over more than one floor with its own private entrance.

Mortgage
Long-term loan used to fund the purchase of a property where the property is held as security.

Mortgage Agreement in Principle (MAP)
Lender's expression of intent to provide funding subject to certain conditions being met.

Mortgage Deed
Document containing the terms and conditions of a loan secured on a property.

Mortgagee
The lender of a mortgage.

Mortgage Indemnity Guarantee (MIG)
Fee charged by some lenders to protect them against the borrower defaulting. Also known as Mortgage Indemnity Premium (MIP) and Additional Security Fee.

Mortgage Indemnity Premium (MIP)
Fee charged by some lenders to protect them against the borrower defaulting. Also known as Mortgage Indemnity Guarantee (MIG) and Additional Security Fee.

Mortgage Rate
Standard variable interest rate quoted by all mortgage lenders. This varies in accordance with the Bank of England base rate.

Mortgage Term
Period of time over which a mortgage will be repaid.

Mortgage Valuation
Report commissioned by the lender to assess property value and detemrine maximum amount to be loaned on the security of a property.

Mortgagor
The borrower of a mortgage.

Multiple Agency
Where two or more estate agents are instructed by a seller to market a property. Only the agent who introduces a successful purchaser is paid.