||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.
||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 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.
||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.