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Hydrated lime is not a necessary mortar ingredient. You can make mortar with just Portland cement, sand and water. The mortar that I used to permanently attach the brick and stone to my patios did not contain any hydrated lime. But adding hydrated lime to the mortar mix can be beneficial. The plasticity or workability of the mix will improve. When hydrated lime is added to the mix, the sand and the cement do not separate.
Slaked lime is used to make lime mortar. The mortar is made by mixing sand with slaked lime at the proportion of 1 part lime to 5 parts sand. There are two types of lime used in lime mortars, one that sets and hardens by the reaction with the air (non-hydraulic) and one which sets by reaction to the water (hydraulic).