ABSTRACT
A mortgage deed refers to the loan and conveys the mortgaged property to the mortgagee subject to the right of the mortgagor to redeem (that is, to repay the loan plus interest and recover his property) on a fixed date which is, by tradition, normally six months from the date of execution of the mortgage. There is, therefore, a contractual right to redeem on the stipulated date. At common law, if the mortgagor failed to redeem his property on the exact day fixed by the agreement, then the estate of the mortgagee became absolute and the mortgagor’s interest in the land was extinguished. In modern mortgages, on the other hand, principal and interest are normally repayable by monthly instalments over a long period, for example, 25 years.6
