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Glossary
Glossary of 7847 Property Development Terms
M
Machinist Vise - Designed to be bolted to a worktop. Able to swivel on it's base. Useful for holding metal pieces and provides an anvil surface for striking metal.
Magnetic Bevel Finder - A pocket-sized tool that is actually four tools in one: a level, protractor, square and pitch gauge. Excellent for measuring and transferring angles, as well.
Magnetic Screwdriver - Enables you to carry one screwdriver instead of four or five by storing five bits in the handle. The shaft is fitted with a magnet that allows the bits to hold steel screws securely.
Magnetic Tip Screwdriver - Enables you to carry one screwdriver instead of four or five by storing five bits in the handle. The shaft is fitted with a magnet that allows the bits to hold steel screws securely.
Mail Slot - An opening in a wall or door to receive mail.
Main - The principle water pipe from which other pipes branch.
Main Box - The main box through which electrical power is brought into the home and then distributed.
Main Breaker - A switch in a main electrical service panel where the service wires attach.
Main Sewer - A common sewer directly controlled by public authority.
Main Vent - The principal artery of the venting system, to which vent branches may be connected.
Main Water - The principle water pipe from which other pipes branch.
Main Water - Water supply pipe generally located at the street which may supply a number of buildings.
Mains Box - The main box through which electrical power is brought into the home and then distributed.
Mains Building - Water supply pipe that carries the water from the source of supply to the first branch of the water distributing system in the building.
Maisonette - A self-contained apartment (usually on two floors) in a larger house and with its own entrance from the outside.
Major Defects - Particular features that may affect either the present value or the ability to resell the property at a later date. It will be up to the surveyor to judge what the urgent and significant matters are that could affect the market value of the property identified in homebuyers report/ full survey.
Male - Any part, such as a bolt, designed to fit into another (female) part. External threads are male.
Mallet Plastic - Use these mallets to strike blows without damaging the surface. Useful for assembling furniture parts, setting dowel pins, metalwork, etc.
Mallet Rubber - Use these mallets to strike blows without damaging the surface. Useful for assembling furniture parts, setting dowel pins, metalwork, etc.
Mallet Wood - Use this mallet for striking wood and plastic-handled chisels and gouges, for installing dowel pins and assembling wooden parts. Have tremendous resistance to cracking.
Mambrane Waterproof - An impermeable layer of plastic film, roofing material, bitumen, or other material placed to stop transfer of water or water vapour.
Man Hole - Used to access a drain and consists of an opening at ground level with the drainage channel at its bottom, also called an Inspection Chamber.
Man Hole Cable - A vertical access shaft from the surface to the underground, leading to an area for the repair or installation of cable wires.
Management Company - A company employed by the landlord or tenants in a block of flats to manage the services provided and carry out maintenance and repair work.
Mandatory Products - These are supplementary products that some businesses insist you purchase along with the core thing that you are buying. This is often buildings insurance, income protection products or something else that is sometimes sold in conjunction with a mortgage.
Mandrel - A shaft driven by a tool's motor that turns blades or other cutting tools. Also called an Arbor.
Manhole Base - The cast iron frame into which a manhole cover fits.
Manhole Brick - A vertical access shaft from the surface to an underground area, constructed of bricks.
Manifold Air - Common air supply chamber for several lines.
Mansard - A roof type with two slopes on each of the four sides, the lower slope being steeper than the other; capped off with a cupola, typically Victorian.
Mansard Roof - A roof that is set-back from a building frontage. Mansard roofs are usually behind a parapet and rise in two pitches to form loft or attic space.
Mantel - The shelf above a fireplace opening. Also used in referring to the decorative trim around a fireplace opening.
Manufactured Wood - A wood product such as a truss, beam, gluelam, microlam or joist that is manufactured out of smaller wood pieces and glued or mechanically fastened to form a larger piece. Often used to create a stronger member which may use less wood, also see Oriented Strand Board.
Manufacturer Bond - A surety companys guarantee that it will stand behind a manufacturers liability to finance roofing membrane repairs occasioned by ordinary wear within a period generally limited to 5, 10, 15 or 20 years.
Manufacturer Specifications - The written installation and/or maintenance instructions which are developed by the manufacturer of a product and which may have to be followed in order to maintain the product warrantee.
Margin Light - A fixed often narrow glass window next to a door opening or window.
Marina - A facility located on a body of water which accommodates sailing and boating including housing on or in marina areas.
Marking Gauge - Used to lay out wood joint lines-of-cut. Designed for marking with the wood grain, it scribes a very fine, precise line more accurate than a pencil line.
Mason Brick - A mason who builds in brick; also called a brick layer.
Masonry - Anything constructed of materials such as bricks, concrete blocks, ceramic blocks and concrete.
Masonry Adobe - Construction that utilizes unburned (unfired) clay masonry units.
Masonry Brick - Bricks that are shaped and molded in different sizes and shapes.
Masonry Caulk - A resilient material applied where masonry work butts against other materials to seal cracks or openings.
Masonry Cement - A hydraulic cement for use in mortars for masonry construction, containing one or more of the following materials. portland cement, portland blast furnace, slag cement, portland pozzolan cement, natural cement, slag cement or hydraulic lime, and in addition usually containing one or more materials such as hydrated lime, limestone, chalk, calcereous shell, talc, slag, or clay, as prepared for this purpose.
Masonry Reinforced - Masonry units, reinforcing steel, grout and/or mortar combined to act together to strengthen the masonry structure.
Masonry Wall - A wall made of concrete, cinderblock, or brick.
Masonry Wall Reinforcement - Steel reinforcing rods or mesh used in masonry walls between courses.
Masonry Waterproofing - A process used on concrete, masonry or stone surfaces to repel water, the main purpose of which is to prevent the coated surface from absorbing rain water while still permitting moisture vapor to escape from the structure. (Moisture vapor readily penetrates coatings of this type.) Dampproofing generally applies to surfaces above grade; waterproofing generally applies to surfaces below grade.
Masons Hammer - Tool shaped like a chisel to trim brick or stone.
Mass Thermal - The tendency of a building with large quantities of heavy materials to remain at the same temperature or to fluctuate only very slowly; also the overall heat storage capacity of the building.
Master Mold - An unreusable precast plaster mold made for the forming of decorative monolithic or cast in place concrete, the mold cannot be removed without being destroyed.
Mastic - A paste like cement.
Mastic Asphalt - A mixture of asphaltic material, mineral aggregates, and fine mineral aggregates that can be poured when heated but needs mechanical manipulation to apply when cool.
Matched And Dressed - Boards or planks machined in such a matter that there is a groove on one edge and a corresponding tongue on the other.
Matched Book - Wood veneer where adjoining sheets are sliced from the same log so that the grain matches like an open book.
Matched Lumber - Lumber that is dressed and shaped on one edge in a grooved pattern and on the other in a tongued pattern.
Materials Acoustical - Those capable of absorbing sound waves.
Matrimonial Home - The property made available by one or both spouses for them to live in and this property cannot be sold by one without the other spouses consent except in certain circumstances dictated by law.
Matrimonial Homes Affadavit - A legally binding document in which a person swears that there is no spouse with occupancy rights and as such no consent by a souse to sell the property is needed.
Matrix - The mixture of portland cement, water, pozzolans and other admixtures, if any, and air which surround the aggregates in concrete.
Maximum Occupancy Load - The maximum number of people permitted in a room and is measured per foot for each width of exit door. The maximum is 50 per foot of exit.
MDF (Medium Density Fiberboard) - Medium density fiberboard, very stable underlay for counter tops etc. to be covered with laminate.
Measure Bank - The volume of earth in its natural site.
Measure Board - The standard system for the measurement of lumber.
Measure Centesimal - - Division into hundredths.
- Division of the circle into 400 grads.
Measurement Of Hardness - The measurement of hardness of a material. A gauge to measure the hardness of an elastomeric material.
Mechanic Liens - Payment owed to a contractor for work done on a property.
Mechanical Adhesion - Adhesion between surfaces in which the adhesive holds the parts together by interlocking action.
Mechanical Bond - The physical keying of one plaster coat to another or to the plaster base. Tying masonry units together with metal ties or reinforcing steel or keys.
Medium Density Fiberboard (MDF) - Medium density fiberboard, very stable underlay for counter tops etc. to be covered with laminate.
Melamine - Thin waterproof plastic used to cover an inferior material.
Melt Point - The temperature at which the solid asphalt becomes a liquid.
Melting Rate - In welding, the weight or length of electrode melted in a unit of time, also called Burnoff Rate.
Members Auxilairy - In a concrete shell structure, ribs or edge beams which serve to strengthen, stiffen or support the shell; usually, auxiliary members act jointly with the shell.
Membrane - A generic term relating to a variety of sheet goods used for certain built-up roofing repairs and application.
Membrane Asphalt - A layer of asphalt used on a flat roof.
Membrane Bentonite - A thin, pliable sheet or layer manufactured from bentonite; used for waterproofing retaining walls.
Membrane Bituminous - A thin layer or sheet of an impregnated mixture of hydrocarbons together with their nonmetallic derivatives, used as dampproofing.
Membrane Butyl - Pliable thin sheets or layers made from synthetic rubber.
Membrane Liquid Applied - Generally applied to cast-in-place concrete surfaces in one or more coats to provide fully-adhered waterproof membranes which conform to all contours.
Merger - Where two companies often in the same or a related industry agree to join together. The structure of the new company is still reflected in the ownership shares of the original companies.
Mesh - A reinforcement for concrete, plaster or stucco, usually expanded metal or woven wire.
Mesh Metal - A reinforcement for concrete, plaster or stucco, usually expanded metal or woven wire.
Mesh Wire - A reinforcement for concrete, plaster or stucco, usually expanded metal or woven wire.
Metal Base - The metal to be welded, cut or brazed.
Metal Brake - - Sheet metal that has been bent into a specified configuration, such as gravel stop, flashing, L shapes, and Z shapes, formed on a sheet metal brake.
- Sheet metal that has been bent to the desired configuration.
Metal Burn - To cut metal with a gas flame.
Metal Conduit Flexible - Conduit similar to armored cable in appearance but does not have the pre-inserted conductors.
Metal Edge - Brake metal or metal extrusions which are secured at the perimeter of the roof to form a weather-tight seal.
Metal Lath - Sheets of metal that are slit to form openings within the lath. Used as a plaster base for walls and ceilings and as reinforcing over other forms of plaster base.
Metal Lathe - Sheets of metal that are slit to form openings within the lathe. Used as a plaster base for walls and ceilings and as reinforcing over other forms of plaster base.
Metal Mesh - A reinforcement for concrete, plaster or stucco, usually expanded metal or woven wire.
Metal Sheathed Cable - Armoured metal flexible electrical cable; BX cable.
Metal Yellow - Muntz metal.
Meter Angle - A versatile tool used to measure any angle easily, including level and plumb. Features an easy-to-read dial.
Meter Electrical - An instrument for measuring electrical consumption.
Meter Gas - An instrument for measuring gas consumption.
Meter Heat - An electrical municipal inspection of the electric meter breaker panel box.
Meter Nuclear - A device used to detect moisture by measuring slowed, deflected neutrons.
Meter Volt - measures the voltage flowing through a circuit. The circuit must be closed to allow the voltage to flow.
Meter Water - An instrument for measuring water consumption.
Metropolitan Open Land (MOL) - Open land that is of strategic significance and contributes to the structure and/or character of a Borough and provides breaks in the built-up areas. Designated open land in a built up area.
Microlam - A manufactured structural wood beam. It is constructed of pressure and adhesive bonded wood strands of wood. They have a higher strength rating than solid sawn lumber. Normally comes in l 1/2" thickness and 9 1/2", 11 1/2" and 14"widths.
MIG - Mortgage Indemnity Guarantee See Additional Security Fee.
Migration - Spreading or creeping of a constituent of a compound onto/into adjacent surfaces.
Mil - One-thousandth of an inch, or 0.0254 millimetres.
Mil Thickness - Measurement used to determine thickness of a coating. 1 mil = .001 inch (1/1000).
Milar (Mylar) - Plastic, transparent copies of a blueprint.
Milk Paint - A paint made with milk solids, chemically akin to casein glue, often the original finish on antique furniture.
Mill File - The most common single-cut file. Used for sharpening circular saw blades, draw-filing, lathe work and anywhere else a smooth finish is required.
Milling Ball - A method of grinding and mixing material, with or without liquid, in a rotating cylinder or conical mill partially filled with grinding media such as balls or pebbles.
Millwork - Generally all building materials made of finished wood and manufactured in millwork plants. Includes all doors, window and door frames, blinds, mantels, panel work, stairway components (balusters, rail, etc.), mouldings, and interior trim, does not include flooring, ceiling, or siding.
Mineral Spirits - A by-product of petroleum, clear in color, a solvent for asphalt coatings.
Mineral Wool - A material used for insulating buildings, produced by sending a blast of steam through molten slag or rock, common types now in use include rock wool, glass wool and slag wool.
Minerals - Any substance that can be obtained via mining or exploration on a property.
Mining Search - This is an investigation often carried out by a buyer's solicitor if the property being bought is in a mining area, for the purpose of ensuring that the property has not been affected by a mine close by.
MIP (Mortgage Indemnity Premium) - See Additional Security Fee.
MIRAS - Mortgage Indemnity Premium... See Additional Security Fee.
Mirror Schedule - A table on the blueprints that list the sizes, quantities and locations of mirrors.
Missives - The formal written contract negotiated by solicitors in Scotland.
Miter - A joint formed by cutting two pieces of wood at 45-degree angles. Often found in trim work.
Miter Box - An apparatus to guide a saw to make miter joints.
Miter Compound - An angled cut to both the edge and face of a board, most common use is with crown moulding.
Miter Gauge - A guide with an adjustable head that fits in a slot and slides across a power tool table to cut material at an angle.
Miter Joint - The joint of two pieces at an angle that bisects the joining angle. For example, the miter joint at the side and head casing at a door opening is made at a 45° angle.
Miter Saw - The power alternative to the miter box, miter saws are great for basic crosscuts for lumber and trim. Although not capable of bevelled or compound-angle cuts, they are simpler to use, durable and less expensive than compound or sliding compound miter saws.
Miter Saw Compound - A miter box and hand saw used in conjunction to make compound-angle (45 and 90-degree) miter cuts. Also can be used with a measuring accessory for cutting frames. Basically a chop saw with a tilt mechanism added to the pivoting head. Miters are set by rotating the tool’s turntable and the head is tilted for bevel cuts. A great choice for working with moldings and trim. A Sliding version has the in-and-out capability of a radial-arm saw that enables it to make most any kind of cut.
Miter Square - Designed exclusively for laying out and marking precise 45-degree angles. An oversized blade accommodates large workpieces.
Mitre - A joint formed by cutting two pieces of wood at 45-degree angles. Often found in trim work.
Mitre Block - A device with an angle or angles that are pre cut and used as a guide to accurately cut predetermined angles.
Mitre Joint - The joint of two pieces at an angle that bisects the joining angle.
Mixer Batch - A machine which mixes batches of concrete or mortar in contrast to a continuous mixer.
Mixtures Of Cement - - Rich - 1 part cement 2 parts sand 3 parts coarse aggregate. Used for concrete roads and waterproof structures.
- Standard - 1 part cement parts sand, 4 parts coarse aggregate. Used for reinforced work floors, roofs, columns, arches, tanks, sewers, conduits, etc.
- Medium - 1 part cement, 2 1/2 parts sand, 5 parts coarse aggregate. Used for foundations, walls, abutments, piers, etc.
- Lean - 1 part cement, 3 parts sand, 6 parts coarse aggregate. Used for all mass concrete work, large foundations, backing for stone masonry, etc. Mixtures are always listed Cement to Sand to Aggregate
MLS (Multiple Listing Service) - A real estate brokerage service organized by local brokers to share real estate listed for sale.
Mock Up - Small scale demonstration of a finished construction product
Mock Up Testing - Controlled air, water and structural performance testing of existing or new glazing systems.
Modacrylic - A polymer composed of less than 85% but at least 35% by weight of acrylonitrile
Model Home - A show house that is built first and fully furnished and accessorised to show or model the type of houses to become available in a development.
Moderate Weather Brick - Moderate Weather grade of brick for moderate resistance to freezing used, for example, in planters.
Modillion - A bracket supporting the upper part of a composite or Corinthian cornice.
Modulus - Stress at a given strain. Also tensile strength at a given elongation.
Mogul Base - A screw-in style base for an incandescent lamp of generally 300 watts or more.
Moisture Absorbed - Moisture that has entered a solid material by absorption and has physical properties not substantially different from ordinary water at the same temperature and pressure; in aggregates, that water which is not available to become part of the mixing water.
Moisture Barrier - Treated paper or metal that retards or bars water vapor, used to keep moisture from passing into walls or floors.
Moisture Content Of Wood - The weight of the water contained in wood, usually expressed as a percentage of the weight of the
oven-dry wood.
Mold Master - An unreusable precast plaster mold made for the forming of decorative monolithic or cast in place concrete, the mold cannot be removed without being destroyed.
Mollusk - An invertebrate animal with soft, un-segmented bodies, usually enclosed in a calcium shell that can cause a degree of woodborer infestation in wood and timber in a property.
Moluding OG - - A moulding with a profile in the form of a letter S
- A moulding having the outline of a reversed curve.
Moment - - The sum of moments for all forces that occur above the neutral axis
- The moment that causes a beam or other structural member to bend.
- A measure of the tendency to produce rotational motion, equal to the result of multiplying a the magnitude of a force by its perpendicular distance from a particular axis or point.
Moment Bending - - The sum of moments for all forces that occur above the neutral axis
- The moment that causes a beam or other structural member to bend.
- A measure of the tendency to produce rotational motion, equal to the result of multiplying a the magnitude of a force by its perpendicular distance from a particular axis or point.
Monitor - A large structure rising above the surrounding roof planes, designed to give light and/or ventilation to the building interior.
Monitor Cabinet - A cabinet whose doors have louvered panels to allow for ventilation, light or finish design.
Monitor Capacitor - Single phase induction motor with an auxiliary starting winding connected in series with a condenser (capacitor) for better starting characteristics.
Monopost - Adjustable metal column used to support a beam or bearing point. Normally 11 gauge or Schedule 40 metal, and determined by the structural engineer.
Monthly Repayment - This is the amount you pay to your lender each month towards the cost of your loan.
Mopping - In roofing, a layer of hot bitumen mopped between plies of roofing felt. Full mopping is the application of bitumen by mopping in such a manner that the surface being mopped is entirely coated with a reasonably uniform coating. Spot Mopping is the procedure of applying hot bitumen in a random fashion of small daubs, as compared to full mopping. Sprinkle mopping is a special application of installing insulation to the decks. It is done by dipping a roof mop into hot bitumen and sprinkling the material onto the deck. Strip Mopping is the application of bitumen in parallel bands
Mopping Back - Mopping the back or underside of roofing.
Morse Taper - The standard for the taper on the shanks of drill chucks, drill bits and lathe centers. The different size tapers are designated by numbers, #1 being the smallest, #3 is common for drill chucks.
Mortar - A mixture of cement (or lime) with sand and water used in masonry work.
Mortar Bed - The layer of mortar on which any structural member, masonry unit or tile is bedded.
Mortar Bond - The adhesion of mortar to masonry units.
Mortar Ceiling - Extra rich wall mortar.
Mortar Cement - A mixture of cement, lime, sand, or other aggregates, and water, used for plastering over masonry or to lay block, brick or tile.
Mortar Types - - Type M is suitable for general use and is recommended specifically for masonry below grade and in contact with earth, such as foundations, retaining walls and walks. Type M is the strongest type.
- Type S is suitable for general use and is recommended where high resistance to lateral forces is required.
- Type N is suitable for general use in exposed masonry above grade and is recommended specifically for exterior walls subject to severe exposures.
- Type 0 is recommended for load-bearing walls of solid units where the compressive stresses do not exceed 100 lbs. per square inch and the masonry wall not be subjected to freezing and thawing in the presence of excessive moisture.
Mortgage - A loan made against the security of a property.
Mortgage Application - Forms used to assess whether you meet the lender's underwriting criteria. These criteria are set to ensure that barring any unforeseeable change in circumstances, you will be able to support the mortgage and meet the repayments. Questions relate to such things as income & status, equity, personal details, credit history etc.
Mortgage Application Fee - A charge purely for applying for a mortgage. Paid to the lender upfront at the time of application it is usually between £100 and £300.This type of fee is becoming less common than an arrangement fee. As with arrangement fees, this type of mortgage fee is usually found with the special deals from lenders possibly to restrict the number of applicants by only attracting serious buyers. Some of the time this fee is refunded on completion of the mortgage.
Mortgage Arrears - The amount of back pay you owe your mortgage lender for failing to meet your mortgage requirements.
Mortgage Assumable - An existing mortgage that can be transferred or taken over by a buyer and under the same terms as originally granted when loan was initially granted.
Mortgage Assumption - The actual transfer of title on a property wherein the buyer assumes liability for an existing note or charge that is secured against that property.
Mortgage Balloon - A mortgage, wherein a final payment is due at a specified and given date. This payment is usually much larger than normal monthly mortgage payment.
Mortgage Blanket - A single trust deed or mortgage that covers two or more parcels of real property.
Mortgage Broker - A broker who represents numerous lenders and helps consumers find affordable mortgages; the broker charges a fee only if the consumer finds a loan.
Mortgage Buy To Let - A mortgage designed for people who buy a property with the intention of letting it out. Largely similar to other mortgages, but the maximum loan-value (LTV) is usually lower, meaning that a larger deposit is required. Other restrictions may also apply, such as minimum letting terms and rental income. Lenders will normally incorporate a proportion of the rental income when calculating how much money they are willing to lend you.
Mortgage Cap And Collar - This is a mortgage that has both a top and bottom limit set for the interest rate. It is a very safe and risk free type of mortgage, as you are protected against interest rate rises above a certain point, but you are losing some of the potential gains if interest rates drop.
Mortgage Capped Rate - As with all variable rate mortgages, the rate follows the lender's SVR up and down, the difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.
Mortgage Cash Deficit - Money still owed and the end of the repayment period of an interest only mortgage.
Mortgage Cash Surplus - Money left over at the end of a mortgage term, over and above the amount required to pay back the debt.
Mortgage Certificate - The first document provided by a mortgage lender which shows any prospective seller that you can actually get a mortgage to cover the purchase price. It also provides a handy reference for some of the key features of your mortgage, and what your repayments will be for the introductory offer period, if there is one.
Mortgage Code - The code of practice that protects a borrower against poor or unprofessional business practice in regards to mortgages.
Mortgage Company - A company that borrows money from a bank lends it to consumers to buy properties then sells the loans to investors.
Mortgage Confirmation - When you get a written confirmation of your offer, you usually receive two things. Firstly, there will usually be some form of standard covering letter, thanking you for your hugely valued business and welcoming you into a family of customers that have their mortgage lender in common. In addition to the letter, you will receive a written mortgage confirmation. This will normally set out some of your personal details, some facts about the property, your salary details, your solicitors (if you have appointed them by this stage), and will require a signature.
Mortgage Deed - Legal document establishing a loan on property.
Mortgage Deferred Interest - Interest is not paid during the deferral period. When the period is over, the accumulated interest is added to the original loan. Some lenders add this interest to the total of your loan to give a new loan figure and new interest payments. Others calculate your interest payments on the original loan as normal and then spread the repayment of the deferred interest over a set period of time. The latter method is better for you, as adding the deferred interest to the loan means you end up paying interest on the deferred interest!
Mortgage Discounted - With a discounted rate mortgage, the Standard Variable Rate is temporarily reduced by a set amount for a specified period. This usually ranges from one to five years. Once the discounted period is over, you then revert to paying the prevailing Standard Variable Rate. With this type of mortgage, it is the discount that is fixed and not the actual rate.
Mortgage Endowment - Type of mortgage where monthly payments are made into an endowment (life assurance) policy. The loan is paid off in one lump sum at the end of the loan period.
Mortgage Equity Linked - The lender takes ownership of a stake in the equity of the property. This means that they lend you less than the full amount that is required to buy the house. Interest is only charged on the amount that they lend you and not on the full value of the property. When you sell the property, the lender receives payment in proportion to the amount of equity that they own, and therefore benefits from any increase in the price of the property.
Mortgage Finalising - You will need to finalise your mortgage after finding the property of your choice. Once you have found the property you can then commence with the lender's survey and your own survey if required.
Mortgage Fixed Rate - Fixed rate mortgages guarantee a specific rate of interest for a set length of time. Most commonly, this is for between one and five years, though it can be as long as ten or even fifteen years. As a rule, the longer the fixed period, the higher the starting rate of interest. A lender will not want to commit to lending you money at a really low interest rate for ten years when there is a fair chance that during that period the general level of interest rates may rise above the rate at which they are lending you money. The lowest interest rates are often found with deals that are fixed for two to three years.
Mortgage Foreign Currency - It is possible to get a mortgage for your house in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk.
Mortgage Full Status - A full status mortgage is for people who wish to make a lender aware of any previous arrears or debt problems they may have had. If they do not make the lender aware of these facts and they are later discovered, his could lead to all sorts of problems and the borrower could even be forced to sell the house. If you have a bad credit record some lenders will regard lending you money a high-risk activity. Many will not lend you money at all and when you can get a loan, you will undoubtedly have to pay a higher rate of interest than you would otherwise.
Mortgage Incentives - The lender may offer a discount or fee-free period on buildings insurance, accident and sickness insurance, redundancy insurance, or payment protection insurance. This is often done to encourage you to take up the policy, which you are then fairly likely to keep in the longer term. Other common incentives include a free valuation and money towards solicitor's fees.
Mortgage Indemnity - In cases where applicants require a mortgage that exceeds the lender's normal limits they may require the applicant to take out a mortgage indemnity policy with an insurance company for the difference.
Mortgage Indemnity Guarantee (MIG) - See Additional Security Fee.
Mortgage Indemnity Guarantee Fee - This is insurance for the lender paid by the consumer in a one-off payment, on 'high' LTV mortgages. This protects the lender in the event that you default on the loan and the sale of the property is not enough to repay the amount that they are owed. Some lenders will insist you pay this if your mortgage is for as low as 75% of the value of the property, but 90% is a more common level. Some lenders will not insist on it regardless of the loan value. You can often add this fee to the loan, but be aware that you will then be paying interest on it until the loan is repaid in full.
Mortgage Indemnity Premium (MIP) - See Additional Security Fee.
Mortgage Interest Relief At Source - Tax relief deducted from interest payments on the first £30,000 of your mortgage was phased out in April 2000.
Mortgage Intermediary - A mortgage broker or someone who arranges a mortgage on behalf of the buyer. A Mortgage Intermediary makes money for arranging mortgages and is bound to disclose what charges and/or commissions they have made from the transaction.
Mortgage Level Payment - A mortgage with identical monthly payments over the life of the loan.
Mortgage Liens - The outstanding unpaid balance on a mortgage loan.
Mortgage Loan - A contract in which the borrower's property is pledged as collateral. It is repaid in instalments. The mortgagor (buyer) promises to repay principal and interest, keep the property insured, pay all taxes and keep the property in good condition.
Mortgage Low Start - This is like a repayment mortgage, but with a difference. In the introductory period, only interest is paid back to the lender and not any of the capital outstanding. After this period, the repayments start in earnest. The total amount of interest and repayments over the life of the year are higher than with a normal repayment mortgage, but this sacrifice can be worth it if you need to severely restrict your outgoings during the low start period.
Mortgage Non Status - This is a mortgage mainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: Self-employed and unsalaried company directors, Contract workers (increasingly common in technology-based industries), Commission-based workers (often in sales, recruitment etc.), People with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.
Mortgage Offer - A formal offer of mortgage issued by a building society, bank or other lender once the usual formalities such as references and valuation have been carried out.
Mortgage One Hundred Percent - This is a mortgage loan for the full amount of the property that you are buying. You may have no existing equity, no savings, be using up all you do have on the other costs of the move, or perhaps be saving what you do have so that you can fix up your new home when you do buy it
Mortgage Origination Fee - A charge for work involved in preparing and servicing a mortgage application (usually one percent of the loan amount).
Mortgage Payment Protection Insurance - An MPPI policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the MPPI should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan.
Mortgage Pension - Monthly repayments made up of: - Interest on loan.
- Contribution to a personal pension scheme. The loan on the house is paid off in one lump sum at the end of the loan period.
Mortgage Portable - When you can transfer your mortgage to a new property without incurring penalties.
Mortgage Reference Fee - If you apply for a re-mortgage or a new mortgage, the new lender will want a mortgage reference from your existing lender. You will probably have to pay for this.
Mortgage Repayment - A mortgage that involves the repayment of both capital and interest in monthly instalments and within a specified term of years.
Mortgage Self - Certification - Mainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: Self-employed and unsalaried company directors, Contract workers (increasingly common in technology-based industries), Commission-based workers (often in sales, recruitment etc.), People with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.
Mortgage Standing - An interest only mortgage where no arrangements are made at the outset for the repayment of the loan. If a specific investment vehicle has not been arranged to provide funds for this purpose, the borrower will have to repay the loan by some other means. If the capital is not repaid, the lender can repossess the property and sell it to recover as much of the debt as possible.
Mortgage Term - The length of time over which a mortgage will be repaid.
Mortgage Tracker - They are usually linked to the Bank of England base rate, in that you pay a set margin above the current base rate level. Unlike many of the other types of rate, most tracker rates will not revert to the SVR at any point during the life of the loan. They will continue to track the base rate until you have either paid off your mortgage or switch provider or product. You can also get tracker mortgages that have discounts and stepped discounts built into them.
Mortgage Variable Rate - As you would expect from the name, variable mortgage rates go up and down and generally don't stay at the same level for too long. This is because the interest rate and subsequent level of repayment varies with the lender's interest rate. This is usually derived from Bank of England base rate or some other index. One such index is the banks' base rate - an average of the rates of several leading lenders.
Mortgagee - The person or institution that a property is mortgaged to.
Mortgagor - Person borrowing money to buy property.
Mortice - A rectangular slot that has been cut into a piece of wood in order for another piece of wood to be inserted and forming a locking joint.
Mortice Latch - A latch for fixing in a mortice cut into the closing edge of a door or window.
Mortice Lock - A latch for fixing in a mortice cut into the closing edge of a door or window.
Mortise - A rectangular slot that has been cut into a piece of wood in order for another piece of wood to be inserted and forming a locking joint.
Mortise Chisel - Has a straight, non-beveled edge, unlike a standard chisel. Designed to take a heavy pounding and prying.
Mortise Chisel Swan Neck - This unusual-looking tool is extremely helpful in smoothing out the bottom of mortises. The curved blade is used like a lever to scrape the mortise bottom flat.
Mortise Latch - A latch for fixing in a mortise cut into the closing edge of a door or window.
Mortise Lock - A latch for fixing in a mortise cut into the closing edge of a door.
Mosaic Tile Ceramic - An unglazed tile formed by either the dust-pressed or plastic method, usually 1/4 to 3/8 in. (6.4 to 9.5 mm) thick, and having a facial area of less than 6 in, usually mounted on sheets approximately 2 by 1 ft. (0.3 by 0.6 m) to facilitate setting, ceramic mosaic tile may be of either porcelain or natural clay composition and may be either plain or with an abrasive mixture throughout.
Motor Adjustable Speed - One in which the speed can be varied gradually over a considerable range, but when once adjusted remains practically unaffected by the load, such as shunt motors designed for a variation of field strength.
Motor Branch Circuit - Circuits from the motor branch circuit protective device to the motor, including the controller and overload protective device.
Mould Bed - A flat area in a cornice, designed to have enrichment planted later.
Mould Brick - A brick used around an exterior door jamb that siding butts against.
Mould Case - Plaster shell used to hold various parts of a plaster mould in correct position; also used with gelatin and wax moulds to prevent distortions during pouring operation.
Mould Casting - Use of gelatin, wax, or plaster molds to make plaster ornamentation
Mould Shoe - Wood strip, with a curved or projecting surface, used to finish intersection of base and floor.
Mould Trim Brick - A brick used around an exterior door jamb that siding butts against.
Moulding - A wood strip having a coned or projecting surface used for decorative purposes, e.g., door and window trim.
Moulding Base - Moulding used to trim the upper edge of interior baseboard.
Moulding Base Shoe - Wood strip, with a curved or projecting surface, used to finish intersection of base and floor; also called Shoe Mould, or Carpet Strip.
Moulding Bead - - A half-round narrow moulding, attached or milled on a larger piece.
- A square or rectangular trim less than 1 inch in width.
Moulding Beaded - A cast plaster string of beads planted in a moulding or cornice.
Moulding Bed - A moulding in an angle, as between the over hanging cornice, or eaves, of a building and the side walls.
Moulding Brick - A standard milled wood trim piece to cover the gap between the window frame and masonry.
Moulding Brick - Milled trim piece designed to fill the gap between finished milled parts like door and window frames and irregular surfaces like masonry.
Moulding Ceiling - Molding that is used to form a projection at the top of a wall.
Moulding Cove - A wood strip having a curved concave face used for finishing interior corners.
Moulding Cove - A moulding with a concave face used as trim or to finish interior corners.
Moulding Crown - A moulding where the wall and ceiling meet; uppermost moulding along furniture or cabinetry.
Moulding OG - - A moulding with a profile in the form of a letter S
,li> A moulding having the outline of a reversed curve.
Moulding Ogee - - A moulding with a profile in the form of a letter S
,li> A moulding having the outline of a reversed curve.
Moulding Scotia - A concave moulding.
Mounted Flagpole Wall - A pole to raise or display a flag, mounted or attached to a wall.
Mounted Heater Wall - A heating unit mounted on or attached to a wall.
Mounted Oven Wall - A domestic oven for cooking purposes designed for mounting in or on a wall or other surface.
Moveables - Items within a property that can be moved and are not part of the property except if agreed to such as carpets, curtains, pieces of furniture and household equipment or appliances that are not built-in and/or otherwise heritable fixtures.
Movement Capillary - Movement of underground water in response to capillary attraction.
Movement Thermal - The measured amount of dimensional change that a material exhibits as it is warmed or cooled.
MPC - Monetary Policy Committee of the Bank of England meets monthly to discuss and alter interest rates etc.
MPPI - An MPPI policy pays your mortgage for you if you become unable to work for an extended period of time, as a result of redundancy, accident, sickness or disability. It should provide enough income to cover all your monthly mortgage expenses. If you have a repayment mortgage, this should be your capital and interest repayment and if you have an interest-only mortgage, the MPPI should cover your interest payment as well as your normal monthly contribution to the investment vehicle that will repay your loan.
Mud Cracks - Cracks developing from the normal shrinkage of an emulsion coating when applied too heavily.
Mudsill - Bottom horizontal member of an exterior wall frame which rests on top a foundation, sometimes called sill plate, also sole plate, bottom member. of interior wall frame.
Mullian - Vertical dividers found in the frames of windows, doors or other openings.
Mullion - A vertical piece of stone or timber dividing a window into sections.
Multi Wire Branch Circuit - A multiwire branch circuit is a circuit consisting of two or more ungrounded conductors having a potential difference between them, and an identified grounded conductor having equal potential difference between it and each ungrounded conductor of the circuit and which is connected to the neutral conductor of the system.
Multiple Agency - Several agents market your property and the one that sells it gets the commission.
Multiple Listing Service (MLS) - A real estate brokerage service organized by local brokers to share real estate listed for sale.
Muntin - Horizontal dividers found in the frames of windows, doors or other openings.
Muntins - Horizontal or vertical bars that divide the sash frame into smaller lights of glass. Muntins are smaller in dimensions and weight than mullions.
Muriatic Acid - Commonly used as a brick cleaner after masonry work is completed.
Mushroom - The unacceptable occurrence when the top of a caisson concrete pier spreads out and hardens to become wider than the foundation wall thickness.
MW Grade Brick - Moderate Weather grade of brick for moderate resistance to freezing used, for example, in planters.
Mylar - Plastic, transparent copies of a blueprint.
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