R

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.

Repayment

When a mortgage is fully repaid.

Repayment mortgage

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

Repossession

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

Retention

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