Creditors are increasingly providing a more detailed picture on different kinds of mortgage account. Until recently mortgages were shown as MG only. This account type covered all mortgages.
MG will still appear with the most frequency. However more detailed mortgage codes are now being used and more often:
RM is a residential mortgage. It is a mortgage secured on a property for personal occupation. It may include Buy to Let, but is generally used for mortgages granted to borrowers who will live in the property.
DM is a shared ownership mortgage. Typically these will be provided on Housing Association property where an individual part owns and part rents accommodation.
FM is a flexible mortgage. Typically these are variable rate mortgages which offer additional features like the ability to overpay or underpay.
FO is a residential first mortgage with investment offset. In most cases this is an interest only mortgage backed by an endowment policy. However, they can also be used for Buy to Let.
MT is a mortgage and unsecured loan. These accounts typically have two loans, one secured on the property for its purchase and one unsecured, often for home improvements.
Indebtedness ratios
All mortgages are excluded from both the monthly and annual debt ratios.
Rental data
PR is rental data. This is excluded from the monthly debt ratio