Glossary > The Letter M

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The Letter M
Saber Finance know the finance world is full of terms, phrases, buzz words and jargon.

On this page we explain,
Medical Loan > MIG > Motorcycle Insurance > Mortgage Deed > Mortgage Loan > Motorbike Loan > Mortgage Payment Protection Insurance > Mortgage Term

Medical Loan
A medical loan is finance arranged for a specific event, in this case for a medical procedure.
It is becoming more frequent that when faced with a long wait for medical treatment on the NHS, many people are taking up the chance to have procedures performed privately and thus cutting out any wait that might be facing them.
If these consumers do not have readily disposable savings or the income to finance these procedures, they may opt to use the credit facilities the clinic has provided. Alternately, you could decide to shop around to find yourselves a homeowner loan or a tenant loan with which to finance the medical procedure.
For more information on event loans try our section on it, or if you are searching for a great value loan use the loan tools to find a lender.

MIG
The mortgage indemnity guarantee is a higher lending charge.
This fee is charged by a mortgage lender when a customer wants a mortgage exceeding a set percentage of a properties value. The MIG's fee is used by the lender to purchase an insurance policy to protect it in the event of borrowers defaulting on their mortgage.
The fee is insisted on by the lender at the start of the mortgage and is just one of the costs of property buying. Some mortgage lenders advertise their mortgage packages as waiving these charges to attract new customers.
Looking for mortgage lenders to compare rates for first time buyers?
The mortgage comparison directory should have what you are looking for.

Motorcycle Insurance
There is simply no escape from vehicle insurance. Whatever the number of wheels, it is a legal requirement for all drivers to be covered by a minimum insurance policy before you can take to the roads.
If you are an old hat at this and are simply looking for a cheaper deal on your bike insurance, try the vehicle insurance directory and change the search term to find bike insurers.
But, if you are after more information read on.

Vehicle Insurance Policies
Before you go searching for bike insurers to compare quotes, it is worth knowing, that in regard to vehicle insurance the first party is the insurance policy holder, the second party is the insurer and a third party is anyone else.
There is three main types of vehicle insurance available in the UK,

Third Party Only.
Third Party, Fire and Theft.
Fully Comprehensive.

Third Party Only
This is the bare minimum allowed by law and is very limited in its scope, covering the policyholder only for the cost of damage to a third party’s property or injury to a third party.

Third Party - Fire and Theft
This is basically the same as third party only but with the addition of cover against your bike being stolen or catching fire.

Fully Comprehensive
This is the most protective option with cover offering protection against not only third party claims but also first party protection with motorcycle cover in the event of an accident regardless of fault.

Now you know what types of protection are available, it is worth noting that individual insurers policies for motorbike insurance vary according to many factors. These factors include the type of cover you want plus information about you, your bike, its location and what other optional extras you would like including in the policy.
You can help lower your insurance quote if your motorbike is kept in a garage overnight or in a secure compound while you work. Fitting an alarm or security devices such as an immobilizer or tracker can dramatically effect quotes also. Where as wanting quick repair assistance could in fact increase policy costs.

Compare Motorbike Insurance
Before you look to compare motorbike insurance quotes work out what type of policy you want with what extra cover you will require, along with details of the bike and any security devices it as fitted and any locations you will be travelling to and from.
We have a vehicle insurers search directory, just change the search term to motor bike so it is listing bike insurers for you to compare.

Mortgage Deed
The mortgage deed is the legal document giving the lender security over the property in return for the lender providing the mortgage. The borrowers must sign the deed and then submit it to the land registry who then register a charge on the property in favour of the lender. The mortgage deed also contains the terms of the mortgage.
When the property is in England, Wales or Northern Ireland, the document is called the mortgage deed, If the property is in Scotland, the document is called a standard security.
For visitors interested, we have a section on property finance.

Mortgage Loan
A mortgage loan is finance used to buy a property. Almost all mortgages are partly secured on the value of the property, and are for varying lengths of time.
There are 3 basic types of mortgage,

Repayment Mortgages.
Interest Only Mortgages.
Flexible Mortgages.

Repayment Mortgages
A repayment mortgage pays off both the original amount borrowed, the capital, as well as any interest accrued over the mortgage term.
Interest Only Mortgages
With interest only mortgages, you only pay off the interest accrued on the loan. The original amount remains the same, suitable investments should be planned in order to repay the mortgage loan at the end of its term.
Flexible Mortgages
Flexible mortgages give the borrower the ability to fluctuate payment amounts subject to the lenders conditions. Very handy if your earnings fluctuate regularly.

All the other types of mortgage available are essentially variations on these 3, with the differences used to entice customers. The variations between the other mortgages is basically how and at what rate the interest is charged on the loan.
If you are after property information there is a mortgage section.

Motorbike Loan
Few of us, when looking for either a new motorbike or a classic bike, can actually afford to purchase the vehicle without borrowing money, and that means considering finance.
If you are buying from a dealer, the chances are that you will be offered a loan to purchase the bike. Think very carefully about using these credit facilities. These finance agreements are far more expensive overall than a personal loan would be.
If you are buying a bike from an individual or at an auction you will need to have your finance ready prior to purchasing. This will also have the side effect of helping you from getting carried away and bidding far too much.
A loan arranged prior to any purchasing will be far more competitive and cost effective than using a credit card or credit facilities on site.
Need finance to help purchase a new motorbike? Well, you will want to find the best personal loan for your budget.
Use our payment calculator to find a personal loan with suitable repayments, it should save you money and time. Or alternatively find lenders using our loan tools.

Mortgage Payment Protection Insurance
Mortgage payment protection insurance or MPPI for short, is cover for you to protect your mortgage payments and insurance premiums for up to 12 months should you be made redundant or are unable to work due to illness, injury or disability.
If you have taken out a mortgage then you should consider what would happen if you or your partner fell ill, you would still have the same mortgage repayments to find each month.
It is for this reason that you should always think about how mortgage protection insurance could be of benefit to you. Mortgage Payment Protection gives you the time to get back on your feet and avoid the worst financial hardships.
For information on insurance types, try our quick insurance information page. Or if you are searching for insurance, the insurance directory lists insurers for you to compare.

Mortgage Term
A mortgage term is the period of time, over which a mortgage loan to purchase property is repaid. Many mortgages come established with a 25 year term however other lengths of term for mortgages may be available subject to the borrowers own individual circumstances, credit status and with the consent of the mortgage lender.
On a mortgage with a short term the monthly repayments could be quite substantial in size, although this also means that the total interest paid on the mortgage will be lower.
With a mortgage with a longer term, monthly repayments should be smaller in size and easier to manage which could help with budgeting, although this also means that the total interest paid on the mortgage will be higher.

If you are in any doubt about any financial product or term we recommend that you seek advice from a financial advisor.

If you're after Finance Information, Saber Finance is here to help.