Business, Legal & Accounting Glossary
An additional security fee may be required when the mortgage exceeds a certain percentage of the value of the property (usually 75%).
The form of additional security used is normally a Mortgage Indemnity Policy. Occasionally the lender may require a parent to be a guarantor or for other security such as shares or insurance policies to be pledged.
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This glossary post was last updated: 15th February, 2020 | 2 Views.