Research work · 2018
11. The Law of Mortgages
Chris Bevan
Land Law
Abstract
A mortgage is a form of proprietary security for the advancement of a loan. A bank or lender advances a loan and in return they are granted a mortgage: an interest in the borrower's land. The uses to which mortgages can be put are not confined to home ownership. Mortgages are exploited in the residential and commercial sectors as well as being used for the purposes of property investment and capital financing. This chapter discusses the nature of mortgages; the creation of mortgages; the rights and powers of the mortgagor; the rights of the legal mortgagee; the rights of equitable mortgagees and equitable chargees; and the priority of mortgages.