|Glossary of Terms
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
|Redemption||Redemption refers to the pay-off of a mortgage loan when moving house, taking out a remortgage, or reaching the end of a mortgage term.|
|Remortgage||A remortgage is a procedure whereby one mortgage is paid off and a new mortgage product is taken out. The same property is used as security throughout. Remortgaging includes saving money using fixed/discount rates, or can free up money for a variety of purchases.|
|Repossession||Repossession refers to the legal process whereby a borrower is deprived of their interest in a property following missed repayments and a mortgage default. Repossession could include eviction and forced sale.|
|Restrictive covenant||The restrictive covenant refers to a clause in the deeds of a house that impose a restraint on the owner of a freehold property. This could include anything such as building an extension, converting outbuildings, etc.|
|Right to buy||Right to buy is generally applied to council tenants who have the legal right to purchase their council house at a discount following a period of tenancy within the property.|
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