Mandatory products
These are supplementary products that some lenders insist
you purchase along with the core product that you are
buying. This is often loan protection or accident, sickness
and unemployment insurance.
Modification
A change in any of the terms of the loan agreement.
Monthly fee
A fee charged once a month.
Monthly repayment
This is the amount you pay to your lender each month towards
the cost of your loan.
Mortgage
The name given to a loan used to buy a property.
Mortgage code
The mortgage code is a set of standards defined by the
Council of Mortgage Lenders, that lenders voluntarily
subscribe to. It sets out codes of conduct on how a lender
or intermediary should act when arranging your mortgage,
as well as how you should be dealt with once your mortgage
is in place. It also tells you how to complain in the
event of a lender not keeping to the code and who to complain
to.
MPC
Monetary Policy Committee of the Bank of England. Meets
monthly to discuss and alter interest rates etc.
