Higher Lending Charge | Jargon Buster on Chase De Vere Mortgage Management

Higher Lending Charge | Jargon Buster on Chase De Vere Mortgage Management

Higher Lending Charge

Higher Lending Charge

Definition

Formerly known as a Mortgage Indemnity Guarantee (Mig), a higher lending charge is essentially an insurance premium paid by the borrower to the lender to cover the risk of defaulting on the portion of the loan above 75% of the property’s value.

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Your home may be repossessed if you do not keep up repayments on your mortgage. Depending on your circumstances, we charge up to 1.5% of the loan amount for residential mortgages and up to 2.5% for buy-to-let mortgages.

The actual amount you pay will reflect any commissions we receive from the lender.

Authorised and regulated by the Financial Services Authority in respect of advising on and arranging residential mortgages and general insurance only.

The Financial Services Authority does not regulate buy-to-let, second charge or commercial mortgages. FSA authorisation number: 304777.

Chase De Vere Mortgage Management, St. James House, 23 King Street, London, SW1Y 6QY | Registered in England No. 2788320

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