The Free Mortgage Contract is a crucial document in English and Welsh property financing, used when creating a mortgage without transferring property possession to the lender. It's particularly relevant when parties need to establish clear security rights while maintaining operational flexibility. The contract includes essential elements such as property details, payment terms, default provisions, and both parties' obligations. This document must comply with UK financial regulations, including FCA requirements and the Law of Property Act 1925.
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1. Parties: Details of the mortgagor and mortgagee
2. Background: Context of the mortgage arrangement and property details
3. Definitions: Key terms used throughout the document
4. Property Description: Detailed description of the mortgaged property
5. Mortgage Terms: Core terms including amount, interest, and repayment terms
6. Covenants: Mortgagor's obligations regarding property maintenance and insurance
7. Default Provisions: Consequences of default and remedies
1. Additional Security: Details of any additional security provided - used when additional assets are being used as security
2. Guarantor Provisions: Terms relating to any guarantors - used when a guarantor is involved in the arrangement
3. Special Conditions: Any unique terms specific to this mortgage - used when non-standard terms are required
1. Property Schedule: Detailed property description including title information
2. Payment Schedule: Detailed breakdown of payment terms and dates
3. Insurance Requirements: Specific insurance obligations and minimum coverage
4. Property Maintenance Standards: Detailed requirements for property upkeep
Relevant legal definitions
Mortgage
Property
Secured Obligations
Security
Completion Date
Interest Rate
Default Rate
Repayment Date
Business Day
Encumbrance
Event of Default
Fixed Charge
Floating Charge
Insurance Policies
Mortgagee
Mortgagor
Outstanding Amount
Payment Date
Permitted Disposal
Principal Amount
Relevant Documents
Security Period
Title Documents
Working Day
Guarantor
Secured Assets
Term
Covenant
Enforcement Event
Repayment Schedule
Security Interest
Applicable Law
Authorisation
Charged Property
Default Notice
Property
Secured Obligations
Security
Completion Date
Interest Rate
Default Rate
Repayment Date
Business Day
Encumbrance
Event of Default
Fixed Charge
Floating Charge
Insurance Policies
Mortgagee
Mortgagor
Outstanding Amount
Payment Date
Permitted Disposal
Principal Amount
Relevant Documents
Security Period
Title Documents
Working Day
Guarantor
Secured Assets
Term
Covenant
Enforcement Event
Repayment Schedule
Security Interest
Applicable Law
Authorisation
Charged Property
Default Notice
Clauses
Interpretation
Creation of Security
Secured Obligations
Representations and Warranties
Covenants
Property Maintenance
Insurance
Payment Terms
Interest
Default
Enforcement Rights
Power of Sale
Assignment and Transfer
Further Assurance
Property Inspection Rights
Permitted Use
Title Covenants
Environmental Compliance
Planning Laws
Notice Requirements
Registration
Costs and Expenses
Indemnification
Severability
Governing Law
Jurisdiction
Entire Agreement
Amendments
Notices
Discharge
Remedies and Waivers
Counterparts
Creation of Security
Secured Obligations
Representations and Warranties
Covenants
Property Maintenance
Insurance
Payment Terms
Interest
Default
Enforcement Rights
Power of Sale
Assignment and Transfer
Further Assurance
Property Inspection Rights
Permitted Use
Title Covenants
Environmental Compliance
Planning Laws
Notice Requirements
Registration
Costs and Expenses
Indemnification
Severability
Governing Law
Jurisdiction
Entire Agreement
Amendments
Notices
Discharge
Remedies and Waivers
Counterparts
Relevant Industries
Relevant Teams
Relevant Roles
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