Mortgage Dictionary: R

Please view the glossary definitions from our list below. Some terms have a dedicated page with a longer definition. This is available by clicking on the "more about " link.

Redemption This is paying off the mortgage, either to move to another property or at the end of the mortgage term. Redemption Charges These are any charge levied by the lender when the mortgage loan is repaid before the end of the full term. See also early redemption penalty. Redemption Statement The outstanding amount to be repaid on an existing credit arrangement. Redundancy Insurance This is also known as accident, sickness and unemployment insurance this insurance cover that is arranged by the borrower to protect against the inability to meet mortgage payments. This cover is generally restricted to cover only events that are entirely beyond the control of the insured person. Typical exclusions include dismissal following professional misconduct and any act of voluntary redundancy. Refinancing This is where borrowings are rearranging with a different lender, usually to receive more attractive terms or to raise fresh capital. Regular Earned Income This is a payment which is not guaranteed but is still a regular part of an employees remuneration. Lenders will normally ask for evidence of such payments being made on a regular basis, e.g. Payslips or p60s covering a period of months or years. See also: guaranteed income. Remortgage The arranging of a loan on a property in which the borrower already resides. Normally this involves redeeming an existing loan on the property. Remortgage With Outstanding Discount This refers to a property that was purchased under a right to buy legislation, where the owner wishes to remortgage whilst there is still an outstanding discount remaining. Repayment This is payment made to cover interest or reduction in principal of a loan. Repayment Period The amount of unpaid credit on your loan. Repayment Plan If you fall behind on your payments a lender may try to renegotiate your repayment plan. Repayment Term The timer frame that the borrower must repay the lender. Restructured Loan When a lender offers renegotiated terms. Retired Where the individual is no longer working. Retirement Annuity Contract This is the investment of a lump sum which produces a regular income for a retired person. Retrieval Cost Cost that your lender incurs when recovering items or debt. Right To Buy This is an option for council tenants to purchase the property in which they live in. The property price is often at a discount, proportional to the length of occupancy. Royal Institute Of Chartered Surveyors The professional body for surveyors which sets a code of practice for its members. RTB This is another name for right to buy and an option for council tenants to purchase the property in which they live in.