What is Higher Lending Charge MIG Mortgage Insurance?
These are really all terms for the same thing but the current correct term to use is Higher Lending Charge and this is one of the imposed by the lender if you borrow more than a property. Not all lenders charge it but where they do charge it, it is normally for mortgages in excess of property. The lenders who don’t charge it will typically charge you higher interest rate instead but some lenders who do charge it also charge you a higher interest rate as well as imposing a higher lending charge. So in general, you should try and avoid paying a higher lending charge although there can be cases where it is worthwhile but as a good general rule avoid mortgages where you have to pay a higher lending charge.
