Meaning of “mortgage” in the English Dictionary

"mortgage" in British English

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mortgagenoun [ C ]

uk /ˈmɔː.ɡɪdʒ/ us /ˈmɔːr.ɡɪdʒ/

an agreement that allows you to borrow money from a bank or similar organization, especially in order to buy a house, or the amount of money itself:

They took out a £40o,000 mortgage (= they borrowed £40o,000) to buy the house.
a monthly mortgage payment

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mortgageverb [ T ]

uk /ˈmɔː.ɡɪdʒ/ us /ˈmɔːr.ɡɪdʒ/

(Definition of “mortgage” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"mortgage" in American English

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mortgagenoun [ C ]

us /ˈmɔr·ɡɪdʒ/

an agreement that allows you to borrow money from a bank or similar organization by offering something of value, esp. in order to buy a house or apartment, or the amount of money itself:

They took out a $90,000 mortgage to buy the house.

mortgageverb [ T ]

us /ˈmɔr·ɡɪdʒ/

to offer something of value in order to borrow money from a bank or similar organization:

They had to mortgage their home to borrow enough money to pay for their children’s education.

(Definition of “mortgage” from the Cambridge Academic Content Dictionary © Cambridge University Press)

"mortgage" in Business English

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mortgagenoun [ C ]

uk /ˈmɔːɡɪdʒ/ us 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

mortgageverb [ T ]

uk /ˈmɔːɡɪdʒ/ us FINANCE, PROPERTY

to 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.

(Definition of “mortgage” from the Cambridge Business English Dictionary © Cambridge University Press)