Maintenance Charge (or Service Charge) - The cost of repairing and maintaining external and / or internal communal parts of a building, which are then charged to the tenant or leaseholder.
Maisonette - Technically a maisonette is an apartment which is on two levels, with its own separate access. Although generally properties on two levels, with or without separate access, are sometimes referred to as maisonettes.
Monthly Interest - A method of calculating mortgage interest on a monthly basis.
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.
Mortgage Valuation - The mortgage valuation is for the benefit of the mortgage lender. It is designed to give enough information for the lender to decide whether the property is safe to lend on, and up to what amount. Though you may pay for the report, you might not get a copy or even see what the surveyor has written.
Multiple Agency - This is when you employ the services of more than one agent. The agent that sells the property takes the whole fee. The downside is that fees will be higher and sometimes it can make your property look as if its difficult to sell when prospective buyers receive details from several sources. Additionally, buyers tend to be less confident as they are often concerned another buyer may appear.