Standard Charge
A traditional mortgage registration secured only for the exact mortgage amount — easier to transfer between lenders at renewal.
A standard charge (also called a 'conventional charge') is a mortgage registration where the charge on your property is registered for the exact principal amount of the mortgage. When you renew or switch lenders, a standard charge can typically be assigned from one lender to another for a modest legal fee. This is in contrast to a collateral charge, which requires a full discharge and new registration when switching lenders. Standard charges are the default at most monoline lenders and some credit unions; Big 5 banks typically use collateral charges.
Related Terms
A mortgage registration type that allows the lender to secure multiple loans against your property — more flexible for refinancing but harder to switch lenders.
The process of setting new mortgage terms when your current term ends — you can stay with your lender or switch without re-qualifying (uninsured, unchanged amount).