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Mortgage & Moving Glossary
Mortgage Indemnity Guarantee
A
Mortgage Indemnity Guarantee
(of
MIG
) is a one off payment, made when a
Mortgage
is set-up, that acts as insurance for the
Mortgage
Lender
.
The
Mortgage Indemnity Guarantee
buys protection for the
Lender
not you. It protects the
Lender
against the value of the home falling to less than the value of the property.
The
Mortgage Indemnity Guarantee
is usually only charged to customers with less than a 10 per cent
Deposit
, but do check as this can vary.
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