Additional security UK Mortgage Definition

UK Mortgage definition

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Additional security

Sometimes referred to as 'other security', it is any security for a mortgage in addition to the property. The main type of Additional security is a single premium insurance policy, or mortgage indemnity guarantee (MIG). A MIG is usually required for loans in excess of 75% loan-to-value.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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