Mortgage
A mortgage is a charge over fixed property given by the mortgagor (borrower) as security for a debt to a mortgagee (the building society). The mortgage is cancelled by the building society when the debt has been repaid.

Collateral Security
The houses, commercial or industrial properties which are financed by the building society are used as security for mortgage loans granted. Collateral security is therefore the additional security needed by the building societies for the loans they grant

Life Assurance
This is additional security required by the building society for all mortgaged property so that in the event of the death of a mortgagor, the building society lodges a claim for the full maturity proceeds of the policy. The objective is to assist by either clearing or reducing the loan balance so that dependants of the mortgagor will find it easier to service the loan.

Bond
A debt investment in which the building society lends money to a borrower for a defined period of time at a fixed interest rate.

Title Deeds
A legal document that grants the bearer the right or privilege to a piece of land.