We have been reliably informed that the introduction of the Care Capping (October 2023) has now...
A mortgage deed secures a home mortgage loan.
A mortgage deed is a legal document that gives a mortgage lender a lien or security interest in a piece of mortgaged property. For example, if you take out a mortgage loan to purchase your house, you will sign a mortgage deed giving the lender a lien on your home.
It can be used if you receive a 'loan' towards the purchase of a property from a friend or family member.
With a Deed of Mortgage, the 'loan' will therefore be protected against the possiblity of a change in the relationship for an unmarried couple or a divorce, ensuring that the loan value will be repaid first to the lender and then any residual equity, will be then divided accoring to your agreement.
