Glossary

Monetary Policy Committee - A committee that meets each month to set the Bank of England Base Rate

Mortgage - A financial instrument requiring a borrower (mortgagor) to pay a sum of money to a lender (mortgagee) that has been loaned to the borrower in order to purchase a property. The property is used as collateral for the loan.

Mortgage Broker - An entity that matches borrowers with mortgage products and lenders and helps the borrower to process and submit the Mortgage application.

Mortgage Term - The period of time that a mortgage will remain an active legal and financial document.

Mortgagee - The Mortgage Lender

Mortgagor - The mortgage borrower.

MPC - See Monetary Policy Committee