52. Mortgage as charge only

(1) A mortgage of real property operates only as a charge on the real property for the debt or liability secured by the mortgage.
(2) For the avoidance of doubt, the mortgagor is taken to have an equity of redemption, which may not be waived by agreement or otherwise clogged by the actions of the mortgagee; provided that the rights of redemption shall not preclude the parties from agreeing to prepayment premiums or restricting periods for repayment.