Acting For Your Lender - Why And What We Report

With over 50% of the population in the United Kingdom owning a property, many are reliant on a mortgage to enable them to make this purchase.

A mortgage is a loan used to buy a home, or borrow money against the value of a home you already own. It is a legal agreement and a lender will loan you a large sum of money over a set period of time.

When purchasing your property subject to a mortgage, the lender will require a first legal charge to be registered on the title to the property, as well as a restriction which acts as security for the loan. This ensures that their charge ranks in priority on the property deeds to ensure the mortgage is repaid upon any sale. The restriction will also prevent any sale or disposition without consent of the lender.