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mortgage
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   Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia 0.01 sec.

mortgage

Transfer of property, usually a house, as a security for repayment of a loan. The loan is normally repaid to a bank or building society over a period of years.



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Now, there is the new 50 year mortgage and if the 40 year mortgage took the finance world by storm the 50 year mortgage is leaving many people speechless.
Of course there are other far more responsible (slight sarcasm) lenders who are offering just 40 or 50 year mortgages, but I think you get the gist of my opinion on this by now.
HOMEOWNERS may soon have to take out 50 year mortgages to afford to buy, an expert said yesterday.
 
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