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Mortgage in United Kingdom
GLOSSARY
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Rate
The annual rate, expressed as a percentage, of interest on a loan.
Rate Cap
A limit (cap) on the amount by which the interest rate payable on a mortgage can increase.
Redemption
The process of paying off a mortgage in full. Occurs at the end of the mortgage or when changing lenders, or when moving to another property and taking out a new mortgage with a different lender.
Redemption Amount
The amount of money required to repay the mortgage in full.
Redemption Charges
Fees charged by the lender to cover administration costs when a borrower repays the mortgage before the end of the full term. Known as Early Repayment Charges/ Penalty. See also Deeds release fee.
Refinancing
The paying off of one mortgage with the proceeds from a new mortgage, using the original property as security or where borrowings are rearranging with a different lender, usually to receive more attractive terms or to raise fresh capital.
Regional Lenders
Lenders that restrict the geographical area in which they will lend. See also Geographical Restrictions
Registered land
Land (including buildings on it) the title to which is registered at the Land Registry and legal ownership of which is guaranteed.
Remortgaging
The process of changing mortgage and/or mortgage lenders without moving house and in so doing, using the proceeded of the new mortgage to repay the old one or taking out a second mortgage to draw down any equity gained by a rise in value. Most lenders allow substantial `capital raising' to use for other purposes. See also Refinancing
Repayment
This is payment made to cover interest or reduction in principal of a loan.
Repayment Method
The method by which a borrower repays their mortgage, for instance interest-only, or interest and capital.
Repayment Mortgage
A mortgage where part of the actual loan plus interest on the outstanding loan repaid each month, gradually reducing the balance outstanding over a term of 25 years (less if preferred). A repayment mortgage guarantees to reply the total mortgage debt at the end of the mortgage term providing correct monthly repayments are made on their due dates. also known as Capital Mortgage.
Repayment Period
The number of years and months, over which the borrower must repay the mortgage. also known as Mortgage Term.
Repayment Plan
If you fall behind on your payments a lender may try to renegotiate your repayment plan.
Repayment vehicle
The means by which a mortgage loan's capital is repaid. Examples include endowment policies, ISAs, and personal pensions.
Repossession
The legal procedure, when the mortgage lender takes possession of your property due to non-payment of the mortgage, typically involving the forced sale of the property at a public auction.
Residential Investment
See Buy-To-Let.
Restructured Loan
When a lender offers renegotiated terms.
Retention
The ability of a lender to hold back (retain) part or all (full retention) of a mortgage loan until the conditions have been met, for example, receipt of warranties, carrying out of various repairs or improvements, or for new-build properties, reaching a key stage in the building progress or in some cases to cover possible road charges on a new estate.
Right To Buy
The right of a tenant in a local authority owned property to purchase the property in which they live in. The property price is often at a discount, proportional to the length of occupancy.
Right of way
An individual's legal right to use any particular part of a property, in order to gain access to any particular part of his own property.
Royal Institute Of Chartered Surveyors
The professional body for surveyors which sets a code of practice for its members.
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