Mortgage Term definition

Mortgage Term refers to the term defined in Article 2.3 to the Contract;

Mortgage Term means the term of each Mortgage Advance, commencing on the subject Mortgage Advance Date and ending on the date which determined by the Mortgage Agreement;

Mortgage Term means the term of each Mortgage Advance, commencing on the subject Mortgage Advance Date and ending on the date which is three (3) years after the Mortgage Advance Date, unless earlier terminated;

Examples of Mortgage Term in a sentence

• This means that your Total Debt may increase and your Mortgage Term may also increase.

• This may mean you pay more interest over time if we do not change the Monthly Payment, or your Monthly Payments do not clear the Amount You Owe at the end of the Mortgage Term even on a Repayment Mortgage.

• If necessary, you must rebuild or make good all buildings and anything else fixed to or built on Your Property now or at any time throughout the Mortgage Term.

• You are responsible for paying the Amount You Owe in full at the end of the Mortgage Term.

• Any other reason – including payment shortfalls and arrears of Monthly Payments – that ensures you can repay the amount you borrow under the Mortgage Offer on or immediately before the end of the Mortgage Term.

• You must insure Your Property at your own cost throughout the Mortgage Term.

• We will get your specific agreement to do this (for example, in the declarations you give when you apply for your mortgage, or if you specifically agree to this during the Mortgage Term).

• If we allow you to pay your Mortgage (or any part of it) on an Interest Only basis you must at the end of the Mortgage Term repay the Total Debt to us from your own resources.

• The amount of the Monthly Payment has been calculated by us based on the amount of the Total Debt, the Interest rate and the Mortgage Term shown in the Mortgage Offer.

• If we allow you to pay your Mortgage (or any part of it) on an interest-only basis you will at the end of the Mortgage Term repay the Total Debt to us from your own resources.

More Definitions of Mortgage Term

Mortgage Term means the period during which you must repay the amount owed as set out in the Mortgage Offer;

Mortgage Term means the period as specified in Policy Schedule 1.

Mortgage Term means the period of time during which you agree to repay the Loan to us as specified in your Mortgage Offer.