Redemption
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| Paying off the mortgage by moving home
or reaching the end of the mortgage term |
Redemption Charge
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| These is the charge levied by a lender
when the mortgage loan is repaid before the end of the full
term. See also early redemption penalty. |
Redemption Statement
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| The outstanding amount to be repaid on
an existing credit arrangement. |
Redundancy Insurance
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| This is also included inn 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. Exclusions include dismissal
following professional misconduct and any act of voluntary redundancy. |
Refinancing
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| Borrowings which are rearranging with
a different lender, usually to receive more attractive terms or to
raise fresh capital. |
Regular Earned Income
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| A payment which is not guaranteed but
is still a regular part of an employees remuneration. Normally lenders
will ask for evidence of such payments being made on a regular basis,
e.g. Payslips or p60s covering a period of months or years. |
Remortgage
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| The changing of a mortgage loan from one
lender to another whilst still residing at the mortgaged property.
The old mortgage is repaid from the new mortgage and any extra amount
borrowed is given to the borrower to make home improvements for instance. |
Repayment
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| Payment made to cover interest or reduction
in principal of a mortgage. |
Repayment Period
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| The time left to repay a loan |
Repayment Plan
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| If you fall behind on your payments a
lender may try to renegotiate your repayment plan. |
Repayment Term
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| The time frame that the borrower must
repay the lender. |
Restructured Loan
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| When a lender offers renegotiated terms. |
Retired
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| Where the individual is no longer working. |
Retirement Annuity Contract
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| Investing a lump sum which produces a
regular income for a retired person. |
Retrieval Cost
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| Cost that your lender incurs when recovering
items or debt. |
Right To Buy
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| This is where council tenants can purchase
their council property in which they live in. The price of the property is
often at a discount, proportional to the length of occupancy. |
Royal Institute Of Chartered Surveyors
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| The professional body for surveyors which
sets a code of practice for its members. |
RTB
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| Right To Buy |
