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mortgage
noun
1
a a legal agreement by which a building society or bank, etc (the mortgagee) grants a client (the mortgagor or mortgager) a loan for the purpose of buying property, ownership of the property being held by the mortagee until the loan is repaid;
b the deed that brings such a contract into effect.
2 a the money borrowed for this;
b the regular amounts of money repaid.
3 any loan for which property is used as security.
verb (mortgaged , mortgaging )
1 to give ownership of (property) as security for a loan.
2 colloq to pledge something.
[14c: French, from mort dead + gage pledge, apparently because the property that is pledged is -dead- to the borrower if the loan is not repaid, or because the pledge to the lender becomes void or -dead- when the loan is repaid]
mortgageable adjective .
noun
1
a a legal agreement by which a building society or bank, etc (the mortgagee) grants a client (the mortgagor or mortgager) a loan for the purpose of buying property, ownership of the property being held by the mortagee until the loan is repaid;
b the deed that brings such a contract into effect.
2 a the money borrowed for this;
b the regular amounts of money repaid.
3 any loan for which property is used as security.
verb (mortgaged , mortgaging )
1 to give ownership of (property) as security for a loan.
2 colloq to pledge something.
[14c: French, from mort dead + gage pledge, apparently because the property that is pledged is -dead- to the borrower if the loan is not repaid, or because the pledge to the lender becomes void or -dead- when the loan is repaid]
mortgageable adjective .
© Hodder Education
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