Charge
mortgage glossary

In property law this is the right of a creditor, usually the mortgage lender, to receive cash payment to cover a debt, with a property as a security.

In some cases you may have borrowed further money against the value of your home, or guaranteed a bank overdraft with your home - the lending institution is described in this instance as having a second charge on your property - putting them in line to benefit from the sale after the outstanding mortgage has been settled.

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This content of this site is for information purposes only, as a plain speaking introduction to mortgages. No claim to the accuracy of information on this site is made and you are strongly advised to verify information presented here with a qualified advisor before making any financial decisions based on this information.