Monthly Interest

A method of calculating mortgage interest on a monthly basis.

Mortgage agreement in principle

A document that shows the seller that you can afford to buy their property.

Mortgage Deed

A legal document relating to the mortgage lender's interest in the property.

Mortgage Indemnity Guarantee

See Higher Lending Charge

Mortgage Offer

Sum of money that the lender offers to lend you to pay for a property.

Mortgage Payment Protection Insurance (MPPI)

This is insurance designed to pay your monthly mortgage payment for a limited period, usually a year, if you are unable to work through illness, accident or redundancy.

Mortgage Term

The length of time over which the mortgage is to be repaid. Often this is 25 years - but it can be shorter, or in some cases for longer periods of time.

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