|Origin:||mort 'dead' + gage 'promise'|
Related topics: Loans
mort‧gage1 W3 [countable]
a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house, and pay back the money over a period of years:
Your building society or bank will help arrange a mortgage.
They've taken out a 30 year mortgage (=they will pay for their house over a period of 30 years).
We decided to use Fred's redundancy money to pay off the mortgage (=pay back all the money we borrowed for a mortgage).
Mortgage rates are set to rise again in the spring.
She was having trouble meeting her mortgage payments.
the amount of money you borrow in the form of a mortgage:
If you earn £20,000 per year, then you may be able to get a mortgage of £60,000.