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Mortgage Deed
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The majority of property purchases are dependent on mortgage finance.

The lender’s interest in the property will be protected by a detailed mortgage deed and it is important to read this carefully.  The mortgage lender is anxious to preserve their security and common restrictions will include:-

  • Restricting the borrowers right to undertake any structural alterations without giving consent first
  • Not to let the property – or part with possession of even part (for example taking lodgers) with securing permissions
  • To keep the property insured

Lenders will sometimes add ‘special’ conditions.  These tend to require that recommendations from their building surveyor – perhaps to undertake specified repairs – are implemented.

If the borrower breaks the terms of the mortgage this may entitle the mortgage lender to repossess the property.

If the borrower is taking a high loan to value mortgage the lender may oblige the borrower to pay for a ‘mortgage indemnity insurance’.  The borrower will have to pay a one off insurance premium so that if he defaults on the mortgage and the lender suffers a loss, the lender can claim from an insurance company.