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sub-mortgagee
sub-mortgagee n.
Brit. 
/ˌsʌbmɔːɡᵻˈdʒiː/
, /ˌsʌbmɔːɡᵻˈdʒiː/U.S. /ˌsəbˌmɔrɡᵻˈdʒi/
/ˌsəbˌmɔrɡᵻˈdʒi/ΚΠ
1815 J. B. Bird Suppl. Barton's Mod. Precedents Conveyancing xlix. 332 The payment to (a submortgagee) of the sum.
1883 Law Times Rep. (N.S.) XLIX. 556/1 The defendants last added are sub-mortgagees of the trustee.
2005 M. Dowden Practitioner's Guide to Land Registration Act 2002 vi. 75 The first mortgagee charges the debt and interest stream receivable under its mortgage in favour of the sub-mortgagee.
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