A Mortgage is a first charge on a building and in the UK is a term traditionally applied to residential property only. But there is no reason why you cannot refer to a first charge on an office block as a "mortgage" if you really want to
Technically, it is actually YOU as owner of the building who grant a mortgage to the lender. If you fail to keep up the payments and the lender eventually repossesses the building, they are technically referred to as the "mortgagee in possession". If necessary, they will then sell the building to recover the amount owed and account to you for the surplus (don't hold your breath)
You are the mortgagor
Bob Cory
Modified on 14/09/2019 at 09:48:50 by ℗ Bob Cory