GLOSSARY - R
Regulated Mortgage Contract |
If an individual buys, a mortgage possessing 40% or more property that mortgage is regulated and adopts guidelines by FSA. |
Redemption Charges |
Expenses charged by a lender for the administration process concerned in closing the mortgage file. |
Redemption Penalties |
Charge made by a lender with discount or fixed mortgages if a purchaser pays off all or part of the mortgage within a set period. |
Remittance Fee |
Charge made by the lender to complete the mortgage transaction by transferring the mortgage funds to the solicitor. |
Refinancing |
This occurs when an individual makes an extension to the mortgage. |
Redemption |
This means that as the borrower finishes repaying the loan for the mortgage the lender has no claim on the property. |
Regional Lenders |
Smaller building societies lending only to borrowers within a local region. |
Registered Title |
The right of ownership of an asset that is registered at the Land Registry. |
Remortgage |
Paying previous lender funds from new mortgage by taking a mortgage from a new lender without moving home. |
Rent-a-Room Scheme |
House owners are allowed to let furnished rooms in their homes without any tax. |
Repayment Mortgages |
Repaying a mortgage loan that partly go towards reducing the outstanding capital and paying the lender's interest charges. |
Reservation Fee |
Lenders charge this front-end fee on fixed rate mortgages. |
Restrictive covenant |
A commitment imposed on the owner of freehold property in the deeds to that asset. |
Reversionary home income plan |
Allows homeowners, in particular the aged, to release equity that is built up in their home without selling it.
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Remittance Fee |
Charge made by the lender for sending the mortgage funds to the solicitor to complete the mortgage transaction.
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