ABSTRACT
A mortgage is a transaction under which land or chattels are given as security for the payment of a debt or the discharge of some other obligation.
(Santley v Wilde [1899])
The owner of the land (the mortgagor) receives a loan in return for which he grants a mortgage to the mortgagee (nowadays usually a bank or building society). The agreement continues until the loan is repaid and the mortgage is redeemed.
