Before lending money to a borrower, lenders want to be sure that the loan will be repaid.
To ensure that they can regain the loan money if the
borrower defaults, lenders take security over something of value that a
borrower owns:
· Mortgage
A mortgage is the transfer of an interest in property to a
lender as a security for a debt.
· Charge
Charges are over assets (not over companies or people). The
asset is known as being "charged’ and securities are also known as charges.
· Lien
A Lien is a legal claim against property to ensure payment
of a debt, which allows the property to be taken and sold by a creditor to pay
the debt.
Need a property or
construction loan?
Contact us @ propertyloans@realrenta.com
Jason Gwerder
Thursday, 12 March 2020
