Mortgage Glossary: R

Glossary of Terms
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Redemption Redemption refers to the pay-off of a mortgage loan when moving house, taking out a remortgage, or reaching the end of a mortgage term.
Remortgage A remortgage is a procedure whereby one mortgage is paid off and a new mortgage product is taken out. The same property is used as security throughout. Remortgaging includes saving money using fixed/discount rates, or can free up money for a variety of purchases.
Repossession Repossession refers to the legal process whereby a borrower is deprived of their interest in a property following missed repayments and a mortgage default. Repossession could include eviction and forced sale.
Restrictive covenant The restrictive covenant refers to a clause in the deeds of a house that impose a restraint on the owner of a freehold property. This could include anything such as building an extension, converting outbuildings, etc.
Right to buy Right to buy is generally applied to council tenants who have the legal right to purchase their council house at a discount following a period of tenancy within the property.

Latest Mortgage News