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MORG-ij/ˈmɔːɡɪdʒ/

A mortgage is a loan to buy a home: take out a mortgage; a mortgage rate; mortgage payments. A loan is wider; rent is not buying. Lender and borrower are the two sides. Do not confuse mortgage with mirage. UK news: interest rates, fixed-rate mortgage, mortgage prisoners. Verb: mortgage the house (use it as security).

Meaning

A loan from a bank to buy a house, paid back over many years.

Examples

• “They took out a twenty-five-year mortgage on the flat.”
• “They remortgaged when rates fell, which is a common UK verb.”
• “Mortgage payments took more than a third of their take-home pay.”

Good to know

take out / repay a mortgage; mortgage rate. Wider: loan. Not rent. Mix-up: mirage. Also a verb.

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