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Abacus-money Jargon


Higher Lending Charge (previously Known As Mortgage Indemnity Guarantee)

This insurance covers the lender if your property gets repossessed and the lender does not get all its money back. It protects the lender, not you. You would still be responsible for reimbursing the insurance company if they have to pay out to the lender. It is usually you who has to pay the one-off premium as part of the lender's conditions, but most lenders allow it to be added to the overall mortgage debt, and is collected when the mortgage is redeemed in the future. Recently the threshold for triggering a MIG premium has been raised from 75% LTV to 90% LTV. This means that anyone with at least a 10% deposit will probably escape it.

Homebuyer's Report

A Homebuyers Report, or a homebuyer's survey, is a surveyor's assessment of the state of repair and condition of the property. It includes all parts that are readily accessible, including the roof space, if possible, but excludes under floor areas. The concise report will summarise the findings and make recommendations for further investigations or remedial work if required. Because the surveyor is in direct contact with you, you can discuss any issues or concerns directly.