phrasal verb phrase · neutral
take out a mortgage
UK/teɪk aʊt ə ˈmɔːɡɪdʒ/US/teɪk aʊt ə ˈmɔːrɡɪdʒ/TAKE·out a MORT·gage
to borrow a large sum from a bank specifically to buy a house, and agree to pay it back over time
Examples
“They took out a mortgage to buy their first home.”
“Many young couples have to take out a mortgage because houses are expensive.”
“If interest rates go up, monthly payments on a mortgage will also increase.”
Band 8 sentence
“Given current property prices, most first-time buyers need to take out a mortgage and budget carefully for monthly repayments.”
Collocations
- take out a mortgage from the bank
- repay a mortgage
Word family
Common mistakes
take a mortgage→take out a mortgage
borrow a mortgage→take out a mortgage
Say it for a higher band
5borrow money→6get a loan→7+take out a mortgage
Synonyms
get a mortgage
Easily confused
get a loan
“They decided to take out a mortgage rather than get a short-term loan.”
Related words
Learn this word with the rest of its set, and get reminded at the right time.
In Hometown & Housing
Learn it with its set