Standard Charge


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.

Standard Charge kept simple

A Standard Charge term means the specific details of a mortgage loan that includes all information such as the amount, term and interest rate is then registered with the provincial land registry department. This is to secure that you will repay the loan to the lender.

How does Standard Charge apply to you

If you purchase a home for $350,000 and you put $50,000 downpayment on the loan the amount owing on the mortgage is $300,000. 

The standard charge and the details of the mortgage are then registered with the provincial land registry to secure the loan for the lender.

When you are at the renewal phase of your mortgage you are then able to transfer your mortgage to a new lender without having to pay any legal fees. However, you are unable to withdraw or borrow more money on the mortgage without having to refinance and incur legal fees.

Share this to help everyone get a better understanding of finance


Be the first to try the app

Sign-up and get exclusive access to try the app when we launch. It’s time to control your finance.

About us

Control all aspects of your finances. Learn about what you need to know to make smart decisions. But most of all, have trust that we’re here to help. In the end, you’ll have more time to do what you love.
Chango - Unifying your financial world. | © 2018 Chango Card Inc.

Rethinking personal finance

Subscribe to be part of the next wave in finance

Upgrade your finances.

Keep informed with the most important financial terms. Explained without any jargon.Learn how to budget for a debt free life and how to get the best out of the Chango financial wellness and budgeting app.