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Abacus-money Jargon

R

Rate

The annual rate, expressed as a percentage, of interest on a loan.

Redemption

The name given to the full payment of a mortgage at the end of its term.

Redemption Charge

A charge levied by the lender when the borrower pays off a mortgage.

Remortgage

A new mortgage with a different lender even though you are not moving home. It can be of the same size, bigger or smaller.

Repayment Mortgage

Your monthly payments to your lender are partly to pay the interest you owe, and partly to pay back some of the outstanding mortgage debt. Also known as a capital and interest mortgage. the mortgage will be repaid in full at the end of the term.

Reposession

The legal procedure by which a defaulting borrower is deprived of their interest in the mortgaged property, typically involving the forced sale of the property at a public auction.

Retention

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

Right To Buy

Many local authorities offer tenants the right to buy the public housing they occupy, usually at a discount and usually the scheme will depend on the length of the existing tenancy.