When you need a loan for a mortgage the lender or bank requires security that you will repay the loan. This comes as a charge registered with the province land registry office. It secures the mortgage to the land and gives the lender certain rights as to the term of the agreement.
A Standard Charge includes the specific details of the mortgage loan such as the amount, term and interest rate. These are included in the charge that is registered to the property. A standard charge only secures the amount of the mortgage.
With a standard charge mortgage, you will be able to transfer your mortgage to a new lender at the time of the loan renewal with being charged any legal fees. However, with a standard mortgage, you will not be able to withdraw any extra money out of your mortgage without being charged for legal fees, refinancing and penalties.