Relationship between a landowner and a money lender.

A mortgage is the contract between a landowner and a money lender, such as a building society, where the building society lends money in return for security in the property.

This relationship is recognised by entering into a legal document known as a mortgage or charge.  This is registerable at the HM Land Registry.  The effect of the mortgage is that, in the event that the borrower/s fall into arrears, the building society or bank may apply to the courts for consent to enforce the sale of the property in order to recover the loan and interest outstanding.  This will involve the courts having to order that the borrowers give up possession of the property.

HM Land Registry - GOV.UK

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