M

Maintenance charge (or service charge)

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

Maisonette

A property arranged over more than one floor (ie: a portion of the house).

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 long period.

Mortgage deed

A legal document relating to the mortgage lenders interest in the property and containing the terms of the mortgage.

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 rate

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

Mortgage term

The period of time over which (repayment mortgage) or at the end of which (endowment mortgage) the loan is to be repaid.

Mortgagee

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