Mortgage Indemnity Guarantee. See MGI
This is a one off payment paid when you set up a mortgage and it's is a kind of insurance policy for the mortgage lender. It buys protection for them not you against the value of the home falling to less than the mortgage. It is usually only charged to customers with less than a 10 per cent deposit, but do check as this can vary.
Mortgage Indemnity Guarantee. A fee to cover the lender if the loan-to-value (LTV) is above a certain level and will vary with mortgage provider. If the amount you are borrowing is more than 75% of the value of the house, you can expect to pay this fee. The fee is meant to protect the lender if it has to take possession of the property, and the value of the property has fallen below the loan amount. Sometimes called Mortgage Guarantee Insurance.
This is charged to you if your loan is more than a certain percentage of the value of the property you wish to purchase. The threshold is normally 75% but can vary from lender to lender.
Mortgage Indemnity Guarantee. If you borrow more than 75% of the value of your house, you'll probably get stung with one of these. It insures the lender against you being unable to pay. Even though it's you that pays this premium, it still won't stop you ending up at the Salvation Army soup kitchen.
This is the premium which some lenders will insist on if the % of the loan to the value of the property is above a certain level. Typically this could be from 75% upwards depending on the policy of the lender. The insurance is taken out to protect the lender, but usually paid by the borrower, in the event of default and subsequent repossession of the property. If the proceeds of the sale are insufficient to cover the outstanding mortgage then the lender can claim indemnification against the policy and the insurer would make up the shorfall.
Mortgage Indemnity Guarantee. This is an insurance premium that you have to pay for some mortgages, usually when the Loan To Value is above a certain figure. It protects the lender to some extent if you default on the mortgage. It is important to understand that although you have to pay the premium, the lender benefits from any payout, and that if the payout doesn't cover their costs they may seek further money from you if you have defaulted. With many mortgages you can add MIG to the loan, unless this takes your Loan To Value to too high a figure. The insurer may pursue the defaulter for reimbursement of any monies that have been paid out in respect of lenders claim.
This stands for “Mortgage Indemnity Guarantee”. It is an insurance policy paid for by the borrower to protect the lender in case they cannot keep up the repayments of their mortgage.
Mortgage Indemnity Guarantee. 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.
This is the Mortgage Indemnity Guarantee. It is a type of insurance aimed at covering the lender should you default on your mortgage payments at a time when the value of your home is less than the value you have borrowed. The insurance only covers the lender, not you, and can cost thousands of pounds. Try to avoid this at all costs.
Minimum Income Guarantee.. Means tested benefit to help individuals whose income in retirement is low. Amount of guarantee varies depending upon individual circumstances
Mortgage indemnity guarantee. An insurance which is designed to protect a mortgage lender against the risk of you defaulting or not being able to repay the mortgage. The policy is usually imposed upon by the lender at the start of the loan and the premium payable is determined by the level of perceived risk to the home lender of you defaulting on the loan.
Mortgage indemnity guarantee. Insurance designed to protect a mortgage lender against the risk of the borrower not being able to repay the loan. The injustice is that it's the borrower that pays the premium. This type of insurance is only imposed by the lender if you borrow above a certain percentage of the value of the property - typically 75 per cent or above. The greater your proportional borrowing, the bigger the insurance premium you have to pay.
MIGs - Mortgage Indemnity Guarantees (sometimes also called a Higher Loan to Value fee / higher lending charge) are effectively insurance premiums that you have to pay for some mortgages, usually when the Loan To Value is higher than a certain figure.
Minimum Income Guarantee" & _ " A means-tested benefit available to those with low incomes in retirement. If you have little or no income in retirement other than the Basic State Pension, you will be assessed and your benefits topped up to the minimum income level.
Mortgage Indemnity Guarantee. An insurance policy that mortgage lenders may require buyers to pay for if there loan is above a specified amount of the purchase price.
See Mortgage Indemnity Guarantee.
A one off payment made when you set up a mortgage a kind of insurance policy for the lender. This offers them protection against the value of the home falling to less than the mortgage. It is generally only charged to borrowers with a less than 10% deposit, but this can vary.
Mortgage Indemnity Guarantee see INDEMNITY POLICY or ADDITIONAL SECURITY FEE
Mortgage Indemnity Guarantee. See Higher Lending Charge.
Mortgage Indemnity Guarantee. Also known as Loan Percentage Charge. Every lender is required to obtain Mortgage Indemnity Insurance to act as extra security for their sole benefit for higher risk lending. Some lenders may cover the cost of this insurance up to a specific percentage of the property’s valuation, such as up to 90% of loan to value. However, if the mortgage exceeds 90% of the property’s valuation, a borrower may be required to pay a one-off fee to cover the cost of this insurance, which could be added to the mortgage account. In either case you should be aware that: Such insurance does not protect you if your property is subsequently taken into possession and sold for less than the amount you owe. You remain liable to pay all sums owing, including arrears, interest and a lender’s legal fees. If a claim is paid to the lender under such insurance, the insurers have the right to recover this amount from you.
Minimum Income Guarantee. A means-tested benefit that helps individuals on low incomes at retirement. If you apply, the Department of Work and Pensions assesses your income and decides whether you get a top-up.
Minimum Income Guarantee. This was a means-tested benefit that helped individuals on low incomes at retirement. It has now been replaced by the Pension Credit.
Mortgage indemnity guarantee. A single premium policy, paid for by the borrower prior to completion of the mortgage. It insures the lender for losses in excess of (usually) 75% of the loan-to-value sum. The borrower still remains liable for any amount claimed, so the insurer can recover the sum paid out under its power of subrogation. Commercial Mortgage Lending Terms Glossary of Lending Terms