Jargon Buster

Understand property related jargon.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

1. Redemption

   When a mortgage is fully repaid.

2. 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.

3. Repayment mortgage

   A mortgage repaid by way of monthly repayments of capital combined with interest.

4. Repossession

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

5. Retention

   Holding back part of a mortgage loan until repairs or specified works to the property are satisfactorily completed.

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