What is a...

First Mortgage

A First Mortgage (sometimes called first charge) refers to the first mortgage taken out on a property by the current homeowners. Most high street lenders and Building Societies only offer first mortgages.

Sometimes there is more than one mortgage on a property. In the event of a default by the borrower, the holder of the first mortgage will be repaid first by the proceeds of a sale. If there is a second mortgage holder, they will be paid with any remaining proceeds. This also creates a Lien, which has first priority over all other voluntary liens.

How do I check the status of my mortgages?

Any mortgage you hold, and the way it has been managed, will be shared with at least one Credit Reference Agency, but there’s no guarantee which one. Because of this, it’s best to check your Credit Report based on data being reported by Equifax, Experian, and TransUnion to ensure you’ve seen everything they hold for you.

checkmyfile makes this process quick and easy by collating the data from these agencies, as well as Crediva, onto a single online platform.

If you haven’t already, you can see your Multi Agency Credit Report free for 30 days, then for just £14.99 per month. Cancel online at any time.

While your lenders are unlikely to report whether a mortgage is a first or second charge, you will be able to see the account open date. If you’re still unsure, it’s advisable to contact your lenders directly for further advice.

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