Jargon Buster
Re-mortgage
Refinancing a property by either switching a mortgage from one lender to another or by taking out a second mortgage to draw down any equity gained by a rise in value.
Redemption
When a mortgage is fully repaid.
Repayment mortgage
A mortgage repaid by way of monthly repayments of capital combined with interest.
Repossession
When the mortgage lender takes possession of your property due to non-payment of the mortgage.
Retention
Holding back part of a mortgage loan until repairs or specified works to the property are satisfactorily completed.
