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mortgage US English

The 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

mortgage rate US English

The rate of interest charged by a mortgage lender

puisne mortgage US English

A second or subsequent mortgage of unregistered land of which the title deeds are retained by a first mortgagee

second mortgage US English

A mortgage taken out on a property that is already mortgaged

balloon mortgage US English

A mortgage in which a large portion of the borrowed principal is repaid in a single payment at the end of the loan period

chattel mortgage US English

A mortgage on a movable item of property

endowment mortgage US English

A mortgage linked to an endowment insurance policy which is intended to repay the capital sum on maturity

pension mortgage US English

A mortgage in which the borrower repays interest only and also contributes to a pension plan designed to provide an eventual tax-free lump sum, part of which is used to repay the capital at the end of the mortgage period and the rest to provide a pension for the borrower’s retirement

repayment mortgage US English

A mortgage in which the borrower repays the capital and interest together in fixed instalments over a fixed period

variable-rate mortgage US English

Another term for adjustable-rate mortgage

wraparound mortgage US English

A second mortgage held by a lender who collects payments on it and the first mortgage from the borrower. The lender makes the payments to the original mortgage holder

adjustable-rate mortgage US English

A mortgage whose rate of interest is adjusted periodically to reflect market conditions

remortgage US English

Take out another or a different kind of mortgage on (a property)


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