0 a bank or similar organization that gives mortgages to people, especially so that they can buy a house or apartment --
1 a bank or other financial organization that lends money in the form of mortgages: --
Your mortgagee is likely to have a number of requirements that you must comply with.
The mortgagee may be a private individual, or a bank, insurance company or building society.
A building society may have on computer the name and address of a mortgagee, details of the mortgage and the state of the account.
But if these payments are not kept up, has the mortgagee, say the building society, power to seize the house and sell it?
After all, the mortgagee may be a building society, which has only the money of the people who invest in it.
He also gets extra fees for introducing the applicant to a prospective mortgagee—building society or otherwise.
It has been assumed that the rates of interest, currently set by mortgagees will remain in force until the end of the fiscal year.
If the mortgagee does not pay, the lease is liable to be forfeited and the mortgagee loses the security.
Take the case of a freehold being mortgaged and the mortgagee afterwards foreclosing and taking possession.
