Legal and equitable mortgage

Basically, a legal mortgage is a mortgage granted over a legal interest which complies with all the common law requirements. It has to be granted by way of a deed.

If the mortgage is not by deed, equity will still enforce it if it is evidenced by writing or supported by part performance and the money have been advanced. Alternatively, the deposit of the title deeds by the mortgagor with the mortgagee is also sufficient in equity. This will be an equitable mortgage.

If the mortgagee mortgages his equitable interest but not his legal interest, an equitable mortgage will also arise.