Right of Redemption

[CYNthesys]

Is a mortgagor's right of redemption a statutory or a common law right?

[strangewayofsavin]

Re: Right of Redemption

Is a mortgagor's right of redemption a statutory or a common law right?

At present it is a contractual right, under present financial regulation, the arguement being, under a 25 year plan, giving the mortgagee an option to fulfil something they could never possibly manage without the mortgagor's help, the 25 year agreement would need or warrent a penalty for early exit. Most have a 6 month interest penalty for exiting.
The sums lent through a mortgage are usually no small sum, so with risk comes penalties. The question should be, are these sums charged statutory or common law right?