Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Mortgage definition

What does Mortgage mean? In practice, a mortgage is the security taken by a lender over land (and fixtures) to secure repayment of a loan or other obligations. It gives the mortgagee proprietary rights in the borrower’s property, affecting priority, registration and enforcement. The term is used descriptively across property, banking and insolvency law and is shaped by statute and case law. England & Wales and Northern Ireland: a mortgage over registered land is usually a legal charge created by deed with the statutory effect of a mortgage (for example, under the Law of Property Act 1925 and NI equivalents). Equitable mortgages can arise,...

Mortgages under English law: definitions, legal vs equitable, mortgages vs charges, assets that can be mortgaged, and assignments by way of security (LPA 1925 s136)

Published by a LexisNexis Banking & Finance expert

Practice notes

Lenders commonly take security to back a borrower’s duties under a loan. Granting security gives them specific rights over the secured property if the borrower does not repay. A mortgage is one of the four categories of security recognised by English law; for further detail, see Practice Note: Types of security.

This Practice Note explains:

what a mortgage is
how a mortgage differs from a charge
the distinctions between a legal mortgage and an equitable mortgage
which assets can be mortgaged
how assignments by way of security interact with mortgages

Practice Note: Introductory guide to security in a lending transaction provides broader information on security in loan transactions. It covers what security is and why lenders take security, who can provide security and over what kinds of assets, the types of security available under English law, why and how security is perfected, and the steps lenders can take to strengthen their priority position. It sets out what security is and why it is taken, who may grant it and over which assets, forms under English law, how perfection works, and steps lenders take to improve. Practice Note: Security—frequently asked questions offers links to answers to some of the most frequently...

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Web page updated on 21/05/2026

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