Most frequently asked Questions?

Back >

What is a Mortgage Indemnity?

Mortgage Indemnity Guarantees [MIG] are based on the purchase price and are usually charged on loans of 90% and above. A MIG is a one off payment made to the lender which in most cases can be added to the loan. This charge is a one-off payment to provide an insurance policy that protects the lender should you default on your loan and the property is repossessed. As you are the Guarantor of the policy the insurers have a right to recover any payment made in the event of a claim and look to you as the Guarantor to repay this.