• 🔒 Decoding Property Mortgages: Historical Context to Modern Practice

  • Apr 19 2025
  • Length: 14 mins
  • Podcast

🔒 Decoding Property Mortgages: Historical Context to Modern Practice

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  • Summary

  • Subscriber-only episode

    Mortgages represent one of the more accessible topics in land law, despite fundamental misconceptions about how they legally operate and the historical changes in property ownership they've undergone.

    • Mortgages are not given by banks—borrowers give mortgages to banks as security for loans
    • The mortgagee (lender/bank) receives the security while the mortgagor (borrower/homeowner) provides it
    • Key terms include charge (rights conferred to the lender), redemption (right to repay), and equity of redemption (totality of mortgagor's equitable rights)
    • Before 1925, legal ownership transferred entirely to lenders during mortgage periods
    • The Law of Property Act 1925 transformed mortgages, allowing borrowers to maintain legal ownership
    • Two primary commercial types exist: acquisition mortgages (for initial purchases) and non-acquisition mortgages (using existing property as security)
    • Equity historically intervened to protect borrowers from unfair lender practices

    In our next session, we'll continue examining the current position of mortgages since the 1925 reforms.


    💡⚖️ Let’s learn the law together—one session at a time!

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