A legal right under which the owner of the first charge has the right to decide on what to do with a property if the borrower fails to maintain the repayments i.e. the mortgage lender will in most cases hold the first charge on a property until the mortgage is fully repaid.

The legal charge a lender has over your property. They have first call on funds available from the sale of a property

Method of securing the main mortgage. A lender with a first legal charge over a property has a first call on any funds available from the sale of the property.

A method of securing the main mortgage, whereby a lender has first call on any funds available from the sale of the property, with any equity passed back to the borrower (less any deductions for charges).

The legal ‘chargeâ€(tm)/right with which the lender secures the main mortgage on a property. The lender with the first charge over a property has first call on any funds available from the sale of the property in the event that the borrower defaults on their mortgage payments.

If more than one loan is secured on the property, the lender with first charge has the 1st call on the property if the borrower defaults on the loan.

A legal charge used to secure the main mortgage. A lender with a first legal charge over a property has a first call on any funds available from the sale of the property.

A legal charge used by the lender to secure the mortgage. The lender has a 'first call' on any funds available when you sell the property.