MIP
noun[C]
PROPERTYukusabbreviationformortgageindemnitypremium: atypeofinsurancein the UK that ispaidby someoneborrowingmoneytobuyahouse. Theinsuranceprotectsthelenderagainst afallin thevalueof thehouseif theborrowercannotpayback theloan:
Mostbuildingsocietiesinsiston an MIP forloansover 90%.
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PMI