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Mortgage Broker Advice: Mortgage Insurance - Borrowers face six

Mortgage Broker Advice: Mortgage Insurance - Borrowers face six

This is a discussion on Mortgage Broker Advice: Mortgage Insurance - Borrowers face six within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; Homeowners facing repossession could be chased for any outstanding arrears for up to six years after their properties have been ...

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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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12-09-2008, 10:31 AM

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Mortgage Broker Advice: Mortgage Insurance - Borrowers face six ...

Homeowners facing repossession could be chased for any outstanding arrears for up to six years after their properties have been sold, warns Payment Protection Insurance lobbyist Sara-Ann Burgess. Under the Limitation Act 1980, b.../b

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