ABSTRACT
This chapter explores mortgages, which most people must get to afford to purchase land. It begins by explaining the role played by mortgages and the methods for their creation, both today and historically. This will be followed by a consideration of how the rights of borrowers are protected in such arrangements. The chapter also considers the remedies available to a lender, where the borrower fails to fulfil their obligations. It explains the rules governing the priority of mortgages. The chapter identifies how legal mortgages are created and also identifies how equitable mortgages are created. A mortgage is a security interest created over property, normally for the payment of debt. The borrower gives the mortgage, and is therefore referred to as the 'mortgagor'. The mortgagee's ability to obtain an order for possession is further complicated in situations where a non-owning spouse, civil partner or cohabitee occupies the property.
