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| Glossary |
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Security
- When some loans are taken out they are secured on property, often the borrower's home. The borrower agrees to the lender creating a charge over the property, which means that if the borrower does not keep up the repayments on the loan, the lender can Repossess the property and sell it to get their money back. The property used for this purpose is known as the security. The charge will be removed once the loan has been repaid.
A Mortgage deed or loan agreement sets out the rights and obligations of both borrower and lender in connection with the charge over the property. |
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