Mortgage
A security interest in real property given by a borrower (mortgagor) to a lender (mortgagee) as security for a loan. The borrower retains possession; the lender has a right to possession and a power of sale in the event of default.
Independent editorial summary — not the official statute text. Read the official version on legislation.gov.uk.
The practical consequence of the lender's security interest is set out in government guidance on what happens when payments stop: if you miss your mortgage repayments and cannot agree a repayment plan, your mortgage lender might start court action to repossess your home — the lender enforcing the security it holds over the property rather than simply writing off the debt.
Borrowers facing that situation are not left to deal with it alone: government guidance points to free legal advice through the Housing Loss Prevention Advice Service for anyone who receives written notice that they need to leave their home, with advisers able to work with the borrower to identify what may be causing the lender to seek possession and to provide representation on the day of the court hearing.
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Official sources
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