Definition: In English, the term "mortgage" typically refers to a type of loan or mortgage loan that allows individuals or businesses to borrow money from banks or other financial institutions in exchange for property located on their behalf. A "900k mortgaged loan" can be used as a metaphorical representation of a large sum of money borrowed, often to buy or construct real estate. It's similar to a 30-year mortgage with an interest rate of 5%, but the total amount of principal and interest paid over the life of the loan is typically much higher than a traditional 15-20 year mortgage. The term "900k" refers to the maximum amount that can be borrowed under this type of mortgage, which is often stated in terms of "per cent per annum." In other words, it's a significant amount of money that might be used for various purposes including home improvement projects or refinancing an existing property.
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