Person who borrows money and in return they grant a mortgage over their land to the lender
1 of 8
Mortgagee
Lender
2 of 8
Equity of redemption
the term given to the bundle of of rights the mortgagor has
3 of 8
Collateral advantage
where there is some additional benefit to the lender beyond just the repayment of money and interest
4 of 8
Foreclosure
Alternative remedy hardly ever used in English law; if the borrower defaults, the lender can just take the property in full and final settlement of everything that is owed
5 of 8
Arrears
Clients pay back the money they borrowed in monthly instalments. If the miss an installment, the money they missed is called arrears
6 of 8
Repossession
When the lender takes back the property and removes the mortgagor
7 of 8
Negative equity
a borrower is in negative equity if they owe more than their property is worth
8 of 8
Other cards in this set
Card 2
Front
Lender
Back
Mortgagee
Card 3
Front
the term given to the bundle of of rights the mortgagor has
Back
Card 4
Front
where there is some additional benefit to the lender beyond just the repayment of money and interest
Back
Card 5
Front
Alternative remedy hardly ever used in English law; if the borrower defaults, the lender can just take the property in full and final settlement of everything that is owed
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