Return to the Mortgage Glossary Home to view explanations for all mortgage terms. What follows is the definition for the term Charge as it relates to mortgages in the UK. ChargeIn 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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