Loans Glossary - M

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M.


Maintenance (Child).

A financial benefit paid by a spouse to the parent who cares for the child.

A loan given to a person buying a property by a lender who in return uses that property as security for the loan.

A term used to describe payments that are due to a mortgage lender but that have not been paid in full or on time.

The legally binding contract between the lender and the borrower.

The lender.

Usually an insurance that protects the mortgager against accident, sickness and redundancy and in the event of one of these it pays out a previously specified sum for a specified term, often 12 months.

The borrower.