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Most mortgages will include several standard terms. This note describes some of the most usual. This note cannot attempt to replace your reading the loan documentation entirely and properly, and asking any questions you have. We can only raise some points.
First some basics:
The arrangement is, in essence in two parts. The first is that you borrow the money. The second is that you give the property as security for the loan. It is easy to forget these and to run the ideas together. It is always a mistake.
The mortgage is intended to ensure that if you do not repay the loan as agreed, you can be evicted from the house (but only after court proceedings), and the house can be sold to recover the loan and any interest and costs. If the house does not sell for enough to repay the mortgage, then you still owe the remainder of the debt because you have not repaid it.
Here are some further common clauses in mortgages:
In all cases, it is necessary for you to ensure that any other adult who occupies or will occupy the property with you, is made known to the lender and to us, and that any such person signs an appropriate release, or is positively excused from signing such a document.
This list is not complete. You must read your own mortgage document.
Last, please remember that each mortgage is different. Your mortgage may not contain all of these clauses, and will contain others. Your mortgage deed will often not set out the terms in full, but instead refer to a set of rules or other terms. If so, then you should have been given a booklet setting them out. If you have not received that booklet let us know.
|Important: Please note that our law-bytes are retained for archival purposes only. The law changes, and these notes are often, now, out of date. You must take direct advice on your own personal situation and the law as it currently stands.|
|All information on this site is in general and summary form only. The content of any page on this site may be out of date and or incomplete, and you should not not rely directly upon it. Take direct professional legal advice which reflects your own particular situation.|
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