mortgage
noun [ C ]
FINANCE, PROPERTY uk/ˈmɔːɡɪdʒ/ usa legal agreement to borrow money from a bank or other financial organization, especially to buy a house or other property, or the amount of money borrowed:
apply for/take out/get a mortgage You take out a mortgage on your home at a fixed rate of interest.
pay/pay off/repay a mortgage A large part of the money will be used to pay off a mortgage.
mortgage payment/repayment Once the interest rate rises, they won't be able to afford their monthly mortgage payments.
mortgage arrears/defaults Increases in unemployment will lead to a rise in mortgage arrears.
a 15/25/30-year mortgage
See also
adjustable rate mortgage
balloon mortgage
direct-reduction mortgage
endowment mortgage
equitable mortgage
first mortgage
legal mortgage
repayment mortgage
variable rate mortgage
mortgage
verb [ T ]
FINANCE, PROPERTY uk/ˈmɔːɡɪdʒ/ usto borrow money using property as security (= an asset that will belong to the lender if the borrower does not pay back the loan):
mortgage sth to do sth He mortgaged his home to help finance the project.
The company mortgaged its assets to secure a $23 billion credit line.