Mortgages
Types of mortgage
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Acquisition Mortgage - where the purchase price (minus a down payment usually
around 10%) is provided by the mortgagee and repayed with interest over a
number of years, often 25
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Repayment mortgage
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Endowment mortgage
Non-acquisition mortgage
Creation of Mortgages
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Legal mortgages - s85 LPA 1925
Enforcement
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Rights of an equitable co-owner postponed to the mortgagee in acquisition cases
generally. Unlike in Boland where the existing family home was mortgaged
without the wife’s knowledge, in Henning, the wife knew of the mortgage and as it
was an acquisition mortgage, i.e. the only reason they were able to acquire the
house, she is estopped from asserting her right to occupation