ABSTRACT
The equity of redemption is the sum total of the mortgagor’s interests in the mortgaged property after the mortgage has been created. This arises from his right to redeem and, in fact, the concept of equity of redemption is often used interchangeably with the right to redeem, but, technically, they differ in meaning. The equitable right to redeem arises after the contractual redemption date has passed, whereas the equity of redemption comes into existence as soon as the mortgage is created. The equitable right to redeem is a particular right, while the equity of redemption represents the aggregate of the mortgagor’s rights. It is an equitable interest which represents the value of the mortgagor’s interest in the property after it has been conveyed to the mortgagee as a security, and is freely transferable.
