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Glossary of financial terms
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EXPLANATION OF FINANCIAL TERMS

Mandatory quote period

From 8.30am to 4.30pm each trading day market makers in London are forced by the Stock Exchange rules to display prices.

Married woman's stamp

Before 1977 married women had the option of paying a reduced rate of National Insurance contribution. It did not give them entitlement to a basic state pension but they may still qualify for a pension based on their husband's NI contributions.

Mortgage indemnity guarantees

Mig for short. An additional fee that borrowers must pay if they are taking out a high percentage loan. Borrowers pay the premium but the lender benefits from the policy if repayment problems arise. Growing controversy has led a number of lenders to absorb the cost of this insurance themselves for mortgages of 75-90 per cent of the valuation.

Mortgage protection insurance

A mortgage protection policy is a life insurance policy that will pay off the whole of the outstanding loan if a borrower dies. An accident, sickness and unemployment policy will cover the monthly mortgage repayments for a limited period, usually a year, if the borrower cannot work because of injury, ill-health or job loss.

Mutual

An organisation, such as a building society, with no shareholders. The investors and other members are the owners so when the organisation demutualises, or floats on the stockmarket, the members get a windfall payment in shares to reflect the value of their stake.

 

 


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