Mortgage Indemnity Insurance(MII)

Mortgage Indemnity Insurance (MII) is a form of insurance offered in the UK that provides protection to the lender if a borrower defaults on their mortgage repayments. It is a type of insurance that covers the lender’s losses if the borrower fails to make payments and the property is repossessed and sold for less than the outstanding balance on the loan. The purpose of MII is to reduce the risk of default for the lender, and to help ensure that the lender can recover some of its losses in the event of a default. The scope of MII includes the payment of a lump sum to the lender upon the sale of the property, as well as protection against potential future losses in the event of a further default.