If your property is collateral for more than one property and the borrower defaults on payments, the lender with a first charge has the option to repossess the home.
Found on
http://www.encyclo.co.uk/local/20452
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.
Found on
http://www.encyclo.co.uk/local/20464
No exact match found.
