Glossary

Miras
Mortgage interest relief at source. A tax relief allowed on mortgage payments and applied directly, thereby reducing annual payments. MIRAS ceased to exist from April 2000.

Main residence
The normal property where someone lives, sometimes referred to as the principal private residence.

Maintenance payments
Monies paid or received for a dependant or to make up income under a Court Order.

Maisonette
A flat or apartment laid out over more than one floor or with its own entrance at street level.

Mortgage deed
The legal document giving ownership/title to a property.

Mortgage subsidy
A payment made by some employers to employees corresponding to their mortgage payments.

Mortgage term
The length of time the borrower has a mortgage.

Mortgage valuation
The cheapest and simplest type of property survey and the minimum required by lenders to enable them to judge the suitability of the property for mortgage purposes. You will normally receive a copy of this report. However, it tells you little about the condition of the property and because the valuation is for mortgage purposes only, it provides you with little or no protection. You should seriously consider a homebuyers report or a full structural survey as these are more detailed. The surveyor should be able to provide you with details and guidance.

Mortagee
The lender - i.e. a company who lends the money to a borrower secured on the value of the property.

Mortgagor
The borrower who takes out the mortgage.

Multiplier
see Income Multiplier.