Most people who buy a house need to borrow some part of the purchase money, usually from a bank. The bank will normally require a mortgage to be given by the borrower as security for the repayment of the loan. The mortgage is registered on the title to the property. A mortgage sets out the terms and conditions of the loan, including the rights of the bank in the event that the borrower fails to repay the loan.
Page last updated: 10/07/24