UK Mortgage definition

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Mortgage Indemnity Guarantee ( MIG )

A single premium insurance policy, paid for by the borrower prior to completion of the mortgage is called a Mortgage Indemnity Guarantee (or MIG, also known as a higher lending charge). It insures the lender for losses in excess of (usually) 75% of the loan-to-value sum. The borrower still remains liable for any amount claimed, so the insurer can recover the sum paid out under its power of subrogation.