Mortgage deeds placed as security for the bank have been replaced with electronic mortgage deeds

Do you own a property, such as a detached house or a summer cottage?

If you have pledged this property as security for your bank loan, its printed mortgage deeds have mostly been converted into an electronic format.

Since beginning of June 2017, all new mortgage deeds have been given in an electronic format only. An electronic mortgage deed consists of a record in the public title and mortgage register and it supplants the printed mortgage deed.

In autumn 2017, banks converted mortgage deeds held by them as loan security into electronic deeds in a project run in cooperation with the National Land Survey of Finland.  The gradual conversion of mortgage deeds will continue throughout 2018.

Mortgage deeds in banks' safe custody, such as those stored in safe deposit boxes, will not be converted into electronic format.

The conversion of deeds held by banks does not require customers to do anything and will not result in any costs for them.

Customers can still deliver printed mortgage deeds to their bank after conversion, and such deeds may be transferred from one bank to another. We will be able to use printed mortgage deeds as security for new loans until the end of 2019, but we recommend converting them into an electronic format. As of 2020, only electronic deeds will be accepted as security for a new loan. 

However, you should not destroy any printed mortgage deeds that you have in your possession. If printed mortgage deeds are pledged as security for a new loan, the lending bank will convert them into electronic format.

The recipient record on an electronic mortgage deed indicates who has the right to assign the deed to another party. The recipient may by one or several owners, or a bank. If a bank has been recorded as the recipient ti it will have the right to assign the mortgage deed to another party.

Customer may check from the National Land Survey of Finland's Property Transaction Service at www.kiinteistoasiat.fiOpens new window whether the mortgage deeds related to the property they own have been converted into a electronic format.

Property pledged as loan security

  • When a property is pledged as security for a loan (i.e. mortgaged), a mortgage deed is issued as proof of this.
  • A mortgage can be placed on a property, such as premises or plot of land, a certain percentage of it, or a certain area within the property that belongs to someone other than the property owner. A leasehold may also be mortgaged under certain conditions.
  • An electronic record is made of a confirmed mortgage in the public title and mortgage register.
  • A mortgage can be applied for by the property owner or leaseholder
  • and it is valid until further notice.