What is a Mortgage Indemnity Guarantee (MIG)?
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A Mortgage Indemnity Guarantee is a form of insurance taken out by your mortgage lender for their sole benefit. It protects them against any financial loss if the house is sold for less than the value of the outstanding mortgage.
Please be aware, this insurance protects your lender, not you. You remain financially liable to repay any shortfall if the sale proceeds are less than the sum outstanding on your mortgage.
Mortgage lenders normally insist on a MIG if you are borrowing more than 80% of the value of the property.
