mortgage redemption meaning, mortgage redemption definition | English Cobuild dictionary

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mortgage

  

      n  
1    an agreement under which a person borrows money to buy property, esp. a house, and the lender may take possession of the property if the borrower fails to repay the money  
2    the deed effecting such an agreement  
3    the loan obtained under such an agreement  
a mortgage of £48000     
4    a regular payment of money borrowed under such an agreement  
a mortgage of £247 per month     
      vb   tr  
5    to pledge (a house or other property) as security for the repayment of a loan  
      adj  
6    of or relating to a mortgage  
a mortgage payment     
     (C14: from Old French, literally: dead pledge, from mort dead + gage security, gage1)  
  mortgageable      adj  


chattel mortgage  
      n     (U.S. and Canadian)   a mortgage on movable personal property  
endowment mortgage  
      n   an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a life assurance policy and only the interest to the mortgagee during the term of the policy. The loan is repaid by the policy either when it matures or on the prior death of the policyholder  
first mortgage  
      n   a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities  
mortgage rate  
      n   the level of interest charged by building societies and banks on house-purchase loans  
pension mortgage  
      n   an arrangement whereby a person takes out a mortgage and pays the capital repayment instalments into a pension fund and the interest to the mortgagee. The loan is repaid out of the tax-free lump sum proceeds of the pension plan on the borrower's retirement  
second mortgage  
      n   a mortgage incurred after a first mortgage and having second claim against the security  
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"Collins English Dictionary 5th Edition first published in 2000 © HarperCollins Publishers 1979, 1986, 1991, 1994, 1998, 2000 and Collins A-Z Thesaurus 1st edition first published in 1995 © HarperCollins Publishers 1995"