Today's best mortgages
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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 name given to the full payment of a mortgage, at the end of its term.
Redemption Charge
See deeds release fee.
Refinancing
The paying off of one mortgage with the proceeds from a new mortgage, using the original property as security.
Regional Lenders
Lenders that restrict the geographical area in which they will lend.
Remortgaging
The process whereby a new mortgage replaces an old one, and both use the same property as security. See also Refinancing
Repayment Method
The method by which a borrower repays their mortgage, for instance interest-only, or interest and capital.
Repayment Mortgage
A mortgage in which monthly charges are used to repay the interest and to reduce the outstanding capital.
Repayment Period
The term, or number of years, over which the borrower must repay the mortgage.
Repossession
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.
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