Mortgage Indemnity Guarantee (MIG)  Mortgage Glossary

Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:



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Mortgage Indemnity Guarantee

It is very common for lenders to insure themselves to ensure that if the borrower defaults they will not suffer any financial detriment. The premiums for this insurance are generally paid for by the borrower but are considered a condition of the mortgage so is an essential cost. Also known as a higher lending charge, the lender is insured against potential losses if the property were to be repossessed and sold for less than the outstanding mortgage.

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Mortgage Glossary

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