Registered Amount

Conventional Mortgage Charge

The Loan Amount

Collateral Mortgage Charge

110% of the Property Value

Specific Details of the Mortgage

Details are listed in the charge that is registered against your house.

Details are not included in the charge registered against your house. A separate credit agreement contains these details.

Future Borrowing

Refinancing will require the discharge of the existing charge and a new registration will need to be registered, requiring a lawyer, and additional costs.

Refinancing up to the charge amount may be possible without additional legal costs. Minimal internal fees may be applicable.

Home Equity Line of Credit

Adding a home equity line of credit will require the registration of an additional charge, requiring a lawyer, and additional legal costs.

Adding a home equity line of credit may be possible without additional legal costs. Minimum internal fees may be applicable.

Ability to Transfer

Transferring to another lender may be possible without incurring legal costs

Transferring to another lender is not permissible unless the mortgage is discharged. The new lender will need to register a new charge.

Discharging the Charge

Once the mortgage is paid in full the lender will proceed with a discharge.

If there are other loans secured to the collateral charge after you have repaid your mortgage loan the charge will not be discharged allowing for further advances if required with no legal fees.