First mortgage

 

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First mortgage

A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.

First mortgage

The original loan taken out to purchase a home.

First Mortgage

A mortgage on property that is superior in position to any other mortgage.

First mortgage

A mortgage which carries priority over any subsequent mortgages if the borrower goes into default and his/her assets have to be sold to pay creditors.



Similar Matches

Mortgage code arbitration scheme

Mortgage code arbitration scheme

An arbitration service between members of the public and lenders. 


Flexible mortgage

Flexible mortgage

A mortgage that allows borrowers to make overpayments when they have spare cash, and reduce or miss payments altogether when times are tight. Often useful for self-employed people whose income varies from one month to the next. The most flexible form of mortgage is a Current Account Mortgage (CAM), which can potentially save you money by linking your current account and mortgage together.


Foreign currency mortgage

Foreign currency mortgage

It is possible to get a mortgage for your home in the UK in a mortgage denominated in a foreign currency. It sometimes gives you the opportunity to borrow money at a lower rate of interest than is possible in the UK. You do this by choosing a currency whose country has lower interest rates than we have here. Lower interest rates should mean lower repayments of both capital and interest or a shorter mortgage term. The mortgage does not have to be in any single currency. There are lenders who will allow you to spread your mortgage across a range of different currencies. This could be seen as spreading the risk


Mortgage

Mortgage

(1) To hypothecate as security, real property for the payment of a debt. The borrower (mortgagor) retains possession and use of the property. (2) The instrument by which real estate is hypothecated as security for the repayment of a loan.


Repayment mortgage

Repayment mortgage

Each month you will make a repayment to the mortgage lender. Part of this payment will go towards reducing the total amount of capital you owe and part of it will be an interest charge on the remaining balance of the mortgage. Unless interest rates change or your introductory offer period ends, you pay the same amount each month. When one of these things does happen, repayments are altered so that the loan is still repaid at the end of the specified term.


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