Definitions - R
- Redemption
- The repayment of an existing mortgage.
- Redemption of Mortgage
- This is the final payment which you make when you either sell/re-mortgage the property or finalise the mortgage payments of your mortgage loan.
- Redemption Penalty
- A penalty charged by a mortgagee when you redeem a mortgage within a fixed rate, discounted rate or cashback period.
- Registered Land
- Property which has already been registered at the Land Registry.
- Rentcharge
- Some freehold properties are subject to a rentcharge payable to the rentcharge owner. This may be to ensure income for the original land owner without the existence of a lease or it can be to ensure that estate covenants can be enforced more easily.
- Reservation Fee
- An administration fee charged by some mortgagees to cover the cost of reserving a mortgagors entitlement to a loan on certain terms or possibly a fee paid to a builder to reserve a particular new property.
