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UK Consumer Finance & Mortgage MarketThis is a discussion on UK Consumer Finance & Mortgage Market within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; The UK population has a ‘live-for-today’ credit culture, with £1.2 trillion of personal debts – unsecured and mortgage debt. UK ... |
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| Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. |
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07-03-2008, 01:49 PM
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UK Consumer Finance & Mortgage Market
The UK population has a ‘live-for-today’ credit culture, with £1.2 trillion of personal debts – unsecured and mortgage debt. UK unsecured debt in 2005 accounted for over a third of all European unsecured debt, according to a recent ...
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