| Maintenance Charge/Common Area Maintenance (CAM) Charge |
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| The cost of repairing and maintaining external or internal communal parts of a building charged back to the tenants or lessees e.g. insurance, rates, taxes, maintenance of the elevator, pool and gardens. |
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| Mortgage |
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| An amount of money advanced by a lender such as a bank or institution on the security of a property and repayable over a long period. |
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| Mortgage Broker |
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| A company which advises lenders on the types of loans available and which helps to process any subsequent application. |
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| Mortgage Deed |
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| The legal document that confers ownership or title of a property to the mortgagor being a bank or lending institution. Also see Deed of Mortgage. |
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| Mortgage Indemnity Insurance Premium |
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| An up-front, one-off premium paid to the insurance company to protect the lender against the borrower defaulting on the loan. A requirement on any mortgage that exceeds 90% and over of the value of the property. |
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| Mortgage Payment Protection (MPP) |
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| This is an insurance designed to pay your monthly mortgage for a limited period, usually a year if you are unable to work through illness, disability or redundancy. |
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| Mortgage rate |
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| The standard variable interest rate quoted by all mortgage lenders that normally varies in line with the base rate of The Central Bank of Trinidad & Tobago. All discounted rates are based on this mortgage rate. |
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| Mortgage term |
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| The period of time over which a mortgage loan must be repaid. |
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| Mortgage type |
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| This may be a fixed, variable, capped, discount, tracker or another type of mortgage. |
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| Mortgagee |
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| The lender of a mortgage (i.e. bank or building society). |
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