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Charge

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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Your home may be repossessed if you do not keep up repayments on your mortgage. Site Last updated 13th July 2005. © Martin Mortgages, Stableford Lodge, Jaras Drive, Baschurch, Shropshire SY4 2DH Martin Mortgages Ltd is an appointed representative of Thinc Assured Network Limited which is authorised and regulated by the Financial Services Authority. This site is intended for UK Consumers only. Our typical fee for advice is 1% of the mortgage advance or £500 whichever is the greater. The overall cost for comparison is 8.4% APR.  The actual rate available will depend on your circumstances.  Ask for a personalised illustration.  APR variable and based on a usual case. Not all buy to let mortgages are regulated by the Financial Services Authority. Think carefully before securing other debts against your home. Please note Commercial Mortgages are not regulated by the Financial Services Authority.
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