A mortgage of land is a transaction by which a borrower of money (the mortgagor) gives security for the loan to his lender (the mortgagee). The mortgagee then has certain rights against the land (e.g. a power of sale), by means of which he may raise any sums that become due to him from the borrower. He is not therefore, restricted to a merely personal action against the borrower, although he does enjoy that right as well as his remedies against the land itself.

Most mortgages are of a legal estate in land they are made by the freeholder or by a leaseholder. But a mortgage may be of an equitable interest in land. For example if land is settled on A for life with remainder to B in fee simple, it is possible for B to raise a loan of money by mortgaging his equitable interest in remainder under the settlement. It may be assumed that the discussion in the following pages is of mortgages of a legal estate unless the contrary is stated.

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Land law & Property Law website is not a definitive guide and expert advice should be taken before entering into any property or land agreement, legal or otherwise. You should seek independent professional legal advice before acting upon any information contained within this website. More info see Land Registry or Property Law– WashLaw Web