Rate
A type of percentage ratio used to calculate an interest on a mortgage, loan, credit and/or store card.

Rate Cap
A top level a mortgage interest rate cannot raise above.

Redemption
A term used to describe the circumstances of paying the remaining balance of the loan in full. This usually takes place during the sale of the property or on the completion of remortgage when outstanding mortgage is repaid from the sale proceeds or from the new loan.

Redemption Amount
The actual amount of money left to settle outstanding mortgage loan on a given date which often includes some kind of administration fee. If mortgage loan is redeemed before the end of the fixed period, Early Redemption Charge will also be added to the final outstanding balance. Please see Redemption Charges.

Redemption Charges
A sum of money paid by the borrower to the lender upon the final repayment of the outstanding loan balance when this is done before the end of fixed term.

Refinancing
The process of arranging a mortgage with a new lender and repaying outstanding balance on the old mortgage with the new loan. Please also see to Remortgaging.

Regional Lenders
Please also refer to Geographical Restrictions. Lenders who tend to provide mortgage loans to the customers in their local geographical area.

Registered land
A piece of land with properties on it the details of which are recorded with the Land Registry. These records include the boundaries of the land, details of the legal owner, any charges and/or other restrictions pertaining to the property.

Remortgaging
A term referring to the process of repaying outstanding balance on a mortgage with the new loan obtained from another lender that may offer, for example, more competitive interest rate and/or release further capital against the property in question. Please also refer to Refinancing.

Repayment
Agreed amount of money paid on a regular basis (monthly) towards the outstanding balance on the loan.

Repayment Method
A method intended to be used by the borrower to repay their mortgage loan, either interest and capital or interest only payments.

Repayment Mortgage
A type of mortgage, sometimes referred to as a Capital Mortgage, whereby each month the borrower pays part of loan itself as well as the interest on the remaining balance. This way, by the end of the mortgage term, the whole of the balance will have been repaid.

Repayment Period
A term, often referred to as a Mortgage Term, used to describe a length of time (years and months) agreed with the borrower to repay their mortgage.

Repayment Plan
A type of schedule setting out the amount and timescale of mortgage repayments that could be drawn by the lender when the borrower fails to keep up with their repayments.

Repayment vehicle
A method that is intended to be used by the borrower to repay their mortgage capital. This could be done, for example, using their endowment policy, personal pension, ISA, etc.

Repossession
A term referring to the process defined in law whereby the lender takes over the borrowers' property in order to sell the same (usually through auction) and to recoup their costs. This usually takes place when the borrower fails to keep up with the repayments.

Restructured Loan
A type of loan which terms and conditions have been amended.

Retention
A term referring to the right of a lender to delay releasing some of the loan or all of the mortgage loan until such time when all their conditions have been complied with. This happens, for example, when there is a need to undertake certain repairs before the mortgage loan could be released.

Right To Buy
The expression referring to the local government scheme where by tenants residing in the property owned by the local authority may qualify to purchase that property, having fit the set criteria, from their local council usually at the price below the current market value.

Right of way
A right confirmed by law to access and use passage, road, etc within the specified property boundaries and/or land.

Royal Institution Of Chartered Surveyors
Often referred to as RICS. It is a professional body that provides the following services: setting certain standards for property professionals, giving independent advice to governmental departments and others pertaining to land, properties, construction and even environmental issues.

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