Share this entry

Share this page

mortgage

Syllabification: mort·gage
Pronunciation: /ˈmôrɡij
 
/

Definition of mortgage in English:

noun

1The charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.
Example sentences
  • If you have personal debt, such as a line of credit used for investment purchases, consider converting this debt into a personal mortgage on real estate.
  • Thus, in Forster, the defendant solicitors were instructed to advise the plaintiff about executing a mortgage which charged her freehold property as security for a loan made to her son.
  • The Plaintiffs separately claim the debt incurred with the mortgages on the property.
1.1A deed effecting the conditions of a mortgage.
Example sentences
  • The piece of paper that documents this pledge is usually called a mortgage or a deed of trust.
  • Correspondence, deeds, mortgages, and business papers document the Burnett Family of Marshall County, Illinois.
  • It had won its case in 1994, when a French court decided that Windsor had signed a mortgage deed.
1.2A loan obtained through the conveyance of property as security: I put down a hundred thousand in cash and took out a mortgage for the rest
More example sentences
  • Last month the building society launched a mortgage with an interest rate capped at 4.99% until May 2009.
  • Surely the interest paid over the life of the mortgage is enough for banks and building societies to absorb the costs themselves?
  • They take out mortgages and life insurance policies.

verb

[with object] Back to top  
1Convey (a property) to a creditor as security on a loan: the estate was mortgaged up to the hilt
More example sentences
  • During this time her brother-in-law mortgaged the property, without her knowledge, as security for his own debts, and when he defaulted on the repayments, the bank sought possession of the property.
  • Hjorten and Fuller went without salaries for the project's first year and financed the company by mortgaging their property and by taking on credit-card debt.
  • Mr. Aarts mortgaged this property to provide part of the funds used to purchase the home.
1.1Expose to future risk or constraint for the sake of immediate advantage: some people worry that selling off federal assets mortgages the country’s future
More example sentences
  • Middle-class British parents, meanwhile, are mortgaging their futures to keep their children out of state schools, or to buy homes in areas where the local state school has a civilized reputation.
  • They are wasting their youth and mortgaging their future.
  • We are on a spending spree that's mortgaging our children's futures, and I feel very strongly about that.

Origin

late Middle English: from Old French, literally 'dead pledge', from mort (from Latin mortuus 'dead') + gage 'pledge'.

Derivatives

mortgageable

1
adjective
Example sentences
  • The only solution we could find was to turn it into living accommodation, because this would allow the property to become mortgageable.
  • He is eminently employable - if not employed - and mortgageable, though it was submitted on his behalf that it was not so.
  • Unless the loan is reinvested in the home, borrowing against the free mortgageable value makes households more vulnerable to falling property prices.

Definition of mortgage in:

Share this entry

Share this page

 

What do you find interesting about this word or phrase?

Comments that don't adhere to our Community Guidelines may be moderated or removed.

Get more from Oxford Dictionaries

Subscribe to remove adverts and access premium resources

Word of the day orthoepy
Pronunciation: ˈɔːθəʊɛpi
noun
the correct or accepted pronunciation of words