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Mortgage Indemnity
A Mortgage Indemnity Guarantee Premium, (MIG) is basically an insurance policy the lenders take out to cover them if your home has to be repossessed and sold in the open market. For this reason, the premium is usually taken out on loans that exceed 75% of the purchase price. Our product guide will tell you if a MIG applies and how much it will cost. The main thing to remember, you don't always have to pay the premium upfront, the lender will generally allow you to add the premium to the loan even if it takes you above the maximum loan to value.

Tips and Tricks:
The percentage for MIG's charged by the lenders varies from one lender to another so be sure to look carefully at our product illustration sheet where we will tell you what the charge will be. Another thing to look for are 'MIG free' deals. Sometimes lenders offer inducement's for particular products. The inducements can be 'Cashbacks', Free Surveys, Free Legals or no MIG charges. Remember we will always tell you what a particular product has to offer by way of inducement's or if there are none at all.

So that you can see what the possible cost of a MIG will be we give an illustraion below.

> MIG Example
Purchase Price		£100,000.00
75% of Value	-	£75.000.00
Mortgage Required		£95,000.00
MIG Cover needed on	-	£20,000.00
MIG % = 8%	-	£1,600.00

So the cost of the MIG will be £1,600.00 on £20,000.00 if the lenders percentage is 8%. Remember though, watch out for the MIG percentage charge on our product illustrations.

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