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English definition of “mortgage”

mortgage

noun [C]
 
 
/ˈmɔːɡɪdʒ/ FINANCE, PROPERTY
a 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
(Definition of mortgage noun from the Cambridge Business English Dictionary © Cambridge University Press)
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