Maturity date
Date on which the fixed interest or special conditions on an account end, after which the account normally reverts to an ordinary instant access account.

Maximum balance
See Investment limit.

Minimum balance
This indicates the minimum initial investment acceptable to the account. Some accounts may allow the balance to fall below this once it is operational but you may find the interest rate is appreciably lower.

MIRAS
Stands for Mortgage Interest Relief at Source. This is the way in which tax relief was allowed on mortgage payments. The withdrawal of Miras was announced in the budget, 9th March 1999, by the Chancellor and took effect from April 2000.

Money order
It is a payment order for a pre-specified amount of money. It is a more trusted method of payment than a personal check, because it is required that the funds be prepaid for the amount shown on it. Merchants may welcome the extra security of a pre-paid money order instead of a personal check, which can bounce.

Mortgage Indemnity Guarantee (MIG)
This is known under many different names which include the following; Indemnity Premium, Insurance Guarantee Premium, Additional Security Fee, Mortgage Guarantee premium, Mortgage Indemnity Premium amongst others. This is a fee that is payable if a 'high percentage loan to value' is required.
The MIG fee is used by the lender to purchase insurance to cover them in the event that you default on the mortgage and they make a loss on possession and resale of the property. The policy has no benefit to the borrower and offers no protection - indeed if your property is repossessed and the lender claims on the Mortgage Indemnity Insurance then the insurance company that has paid out the claim to the mortgage lender can still pursue you, the borrower, for repayment of that amount.
The actual terms of the MIG will vary considerably from lender to lender and if you are told that this will apply you should check the details. Many lenders will impose this additional fee if you wish to borrow more than 75% of the value of the property and the premium payable will be calculated as a percentage of the amount you wish to borrow over that figure. There are a handful of lenders that do not charge MIG premiums or who charge in a different way. A number of lenders have announced that as an incentive to attract new business they will meet the cost of the Indemnity premium. The terms/conditions as detailed above remain the same - all that has changed is the lender is paying the premium.
Generally the changes that have been announced to date involve mortgage applications where there is a 10% deposit (90% loan to value ratio).Where we are aware of the changes we have made note of the fact in the " details " section of each product. A further point to note is that some lenders who start charging at a set figure, say 80% will back-charge the premium to 75% when calculating the indemnity charge. So if you are borrowing, say, 82% the premium is not charged from 80% but from the 75% level. When discussing your application with your chosen lenders be sure to ask whether MIG applies and at what level it is calculated.

Mortgage Payment Protection Insurance
(MPPI) is insurance which - depending on the type of cover requested - provides you with a means of continuing to pay your mortgage in the event of you losing your job or becoming incapable of working due to sickness or accident. This, like Income Protection Insurance, can give you peace of mind, particularly with current limited social security (DSS) support for distressed mortgage payers.

Mortgage Term
This is the number of years over which the mortgage is arranged. If a capital and interest mortgage is being considered then it is worth looking at shorter terms than the traditional 25 year mortgage as considerable interest savings can be made by reducing the mortgage term by even a couple of years.

Mortgage Valuation
This is the most basic form of survey and is the minimum required by lenders in order to ascertain the suitability of the property as security for their loan. Although the borrower will normally receive a copy of this report it should not be relied upon as a comprehensive report on the condition of the property. A more detailed report (either a Home Buyers Report or Structural Survey) should be commissioned when considering the purchase of a property.

Mutual Society
An organisation owned by its members and run for their benefit e.g. building societies, friendly societies and some life insurance companies.