Jargon

Don’t know your Abstract Title from your Deeds of Sale? Then use our jargon buster for a simple explanation of all the weird and wonderful phrases affecting your nest.

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Mortgage indemnity guarantee (MIG)
An insurance policy that mortgage lenders may require buyers to pay for if their loan is above a specified proportion of the purchase price.
Mortgage indemnity premium (MIP)
An insurance policy that protects the lender against default of mortgage repayments. Although the policy benefits the lender, it is the borrower who usually pays the premium..
Mortgage offer
A document issued by the mortgage company to a borrower at the time of them attaining full approval of their mortgage application.