R

Re-mortgage

Refinancing a property by either changing a current in place mortgage from one lender to another or by taking out a second mortgage to take advantage of any equity gained by a rise in value.

Redemption

When a mortgage is fully repaid.

Renewal of contracts

Opportunity to renew a contract which has or will shortly expire.

Repayment mortgage

A mortgage in which monthly charges are used to repay the interest and reduce the outstanding capital.

Repossession

When the mortgage lender takes possession of a property due to non-payment of the mortgage.

Retention

The ability of a lender to hold back (retain) part of a mortgage until certain conditions are met.

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