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Maintenance charge

The cost of repairing and maintaining external or internal communal parts of a building charged to the leaseholder by the freeholder. Also known as service charge.

Maintenance charge (or service charge)

The cost of repairing and maintaining external or internal communal parts of a building charged to the leaseholder.

Maisonette

A self-contained apartment (usually on two floors) in a larger house with its own entrance from the outside.

Mortgage

An amount of money advanced by a lender such as a bank or building society on the security of a property and repayable over a set period.

Mortgage Payment Protection (MPP)

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

Mortgage broker

A company which advises lenders on the types of loans available and which helps to process any subsequent application.

Mortgage deed

The legal document that confers ownership or title to a property.

Mortgage rate

The standard variable interest rate quoted by all mortgage lenders which normally varies in line with the Bank of England base rate. All discounted rates are based on this mortgage rate.

Mortgage term

The period of time over which a mortgage loan must be repaid.

Mortgage type

This may be a fixed, variable, capped, discount, tracker or another type of mortgage.

Mortgagee

The lender of a mortgage (ie bank or building society).

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