n / v · neutral
mortgage
UK/ˈmɔːɡɪdʒ/US/ˈmɔːrɡɪdʒ/MORT·gage
a loan to buy property, usually paid back over many years; or the legal agreement connected with such a loan
Examples
“They have a 30‑year mortgage on their home.”
“Many young buyers struggle to get a mortgage without a large deposit.”
“He decided to mortgage his property to raise business capital.”
Band 8 sentence
“Most first‑time buyers need to secure a mortgage, and mortgage terms greatly influence their monthly budget.”
Collocations
- take out a mortgage / mortgage payment / mortgage lender
- fixed-rate mortgage / variable-rate mortgage
Word family
Common mistakes
They take a mortgage on the house.→They took out a mortgage on the house.
He mortgageded his flat last year.→He mortgaged his flat last year.
Say it for a higher band
5home loan→6loan→7+mortgage
Synonyms
home loan
Easily confused
loan
“Banks often offer loans with fixed interest rates.”
Related words
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In Shopping & Money
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