ABSTRACT
For most people, buying a house is the most expensive purchase they ever make, and few are able to fund the entire purchase from their own pockets. Most people have to go to a building society or to a bank or to an insurance company and get a mortgage. Everybody knows that. And ‘everybody’ is wrong. The borrower does not get a mortgage from the financial institution. He gives a mortgage to it. What he gets is a loan of money – a mortgage loan or a mortgage advance, if you will; but the mortgage itself is the security he gives for repayment of that loan.
