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UK
Mortgages:
A mortgage is a method of using property (real
or personal) as security for the payment of a debt. The term
mortgage (from Law French, lit. dead pledge) refers to the
legal device used for this purpose, but it is also commonly
used to refer to the debt secured by the mortgage, the mortgage
loan.
In most jurisdictions mortgages are strongly
associated with loans secured on real estate rather than other
property (such as ships) and in some cases only land may be
mortgaged. Arranging a mortgage is seen as the standard method
by which individuals and businesses can purchase residential
and commercial real estate without the need to pay the full
value immediately. See mortgage loan for residential mortgage
lending, and commercial mortgage for lending against commercial
property.
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