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English definition of “mortgage”

mortgage

noun [C]     /ˈmɔː.ɡɪdʒ/ US  /ˈmɔːr-/
an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house or apartment, or the amount of money itself: They took out a £40,000 mortgage (= they borrowed £40,000) to buy the house. a monthly mortgage paymentMortgages and real estateRenting, hiring and hire purchase in general Renting property
(Definition of mortgage noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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