Mortgage Indemnity Premium
mortgage glossary
If you want to borrow more than 75% or 80% of the value of your home you will have to pay a mortgage indemnity fee. Some lenders that we recommend do not charge indemnity insurance.
Indemnity premiums are typically charged at 5 to 8% . They can be paid as a 'one off' or sometimes added to the mortgage advance. Because many borrowers have not understood what these premiums are for, the Council of Mortgage Lenders (CML) has a voluntary code which asks its members to provide a written explanation to borrowers of what this policy is. Some lenders do not charge this fee
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