Meaning of mortgage In English

• 0 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

• 1 to borrow money to buy a house:

  • Their home was mortgaged up to the hilt (= the full value of their home had been borrowed).

• 2 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.

• 3 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.

• 4 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

• 5 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.