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Rate - The interest rate of a mortgage or loan. Redemption - A term used to describe the payment of a mortgage balance in full Redemption Fee - A fee payable to a lender when a borrower redeems a Mortgage before the end of the term of the loan. Remortgaging - The process of replacing an existing mortgage that is already secured on a property with a new product. The funds released from the new product will be used to pay off the existing mortgage. The existing mortgage product will then be full redeemed and will no longer exist. Repayment Mortgage - A mortgage in which the balance of the loan is gradually paid off with each month's mortgage payment. Repossession - A procedure by which a creditor takes possession of a property. This usually occurs when a borrower fails to keep up with their Mortgage repayments and their lender repossesses their property. |