A mortgage/ mortgage bond/ home loan that is issued with an indenture disallowing repayment prior to maturity and the re-use of the same collateral without the permission of the bondholders/ the lender. This type of mortgage places restrictions as to repayment, renegotiation, or refinancing of the mortgage/ loan without incurring breakage costs or other penalties (to the benefit of the lender).
It is opposite to an open-end mortgage.
It is also called a closed mortgage.
