Where there are two or more mortgages secured on a property, the order in which the lenders are entitled to be repaid when the property has to be sold.

The priority is a concern where there are insufficient funds to repay all of the lenders in full. Usually, the lender who is first in priority will be entitled to recover the whole of its debt out of the sale proceeds, before the lenders with lower priority receive anything, but this is not always the case.