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What is a mortgage loan?
A mortgage refers to a property that is offered as a security in case of applying for a loan. There are many services in the UK providing mortgage loans. Some of the most famous and reliable British sites for mortgage loans is yourmortgage.co.uk. On these sites there is comprehensive information on the types of mortgage loans in the UK along with their rates and also how is the UK mortgage market faring at present. The term mortgage can be regarded as a legal device which is used in securing property in exchange of a loan taken by the client. In most cases the loans are taken on a security of a real estate rather than other property like ships. In some cases only land is mortgaged. Arranging a mortgage is a standard method in UK for individuals who would like to buy commercial or residential properties without the need to pay the full value of the property immediately. Hence in UK it is normal for home purchase to be funded by a mortgage. String domestic markets for mortgages have been set up in countries like UK and United States.

Parties in a mortgage

The main participants in a mortgage are:

Creditor – The creditor has all legal rights to the debt which is secured by mortgage. Creditors may include banks, insurers and other financial institutions which give loans on mortgage. The creditor is also refereed to as the mortgagee.

Debtor – The debtor is the person who takes the loan offering his property as security. The debtors are home owners, landlords or businesses who are purchasing property through loans.

Other participants – The other parties in a mortgage are the lawyers, solicitors and the conveyancers who look after the legal aspects of a mortgage loan.

Types of legal mortgage

There are generally two types of legal mortgage viz:

Mortgage by Demise - In this case the creditor becomes the owner of the mortgaged property until the loan is repaid in full. Once all the dues are paid to the creditor, the creditor will return all the property of the debtor.

Mortgage by legal charge – In this case the debtor remains the legal owner of the property but the creditor still has sufficient rights to enable the debtors to enforce their security such as the right to take possession of the property or sell it. To protect the creditor, a mortgage by legal charge is recorded in a public register. Since mortgage debt is one of the largest debts, the banks and other creditors will check through their sources to make certain that there are no mortgages already registered on the debtor’s property. This type of mortgage has been common in the UK since 1925. It can be concluded that all countries have their own laws of dealing with mortgage loans. Hence in case you need a mortgage loan you should find out the legal aspects and formalities to be completed with banks or other financial institutions.



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