The Property Guide


Property Knowledgebase and Glossary

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Re-Mortgage Refinancing a property by either switching a mortgage from one lender to another or by taking out a second mortgage to draw down any equity gained by a rise in value.
Redemption When a mortgage is fully repaid.
References Your lender will want to take up references from your employer, to back up information given by you on your application form.
Repayment The amount you have to pay each month to your lender.
Also a type of mortgage sometimes called a 'capital and interest' mortgage where the amount of the loan is repaid in equal monthly installments made up of interest and capital over a set number of years.
The earlier years of the mortgage are mostly interest and the later years mostly capital.
Repossession When the mortgage lender takes possession of your property due to non-payment of the mortgage.
Retention Holding back part of a mortgage loan until repairs or specified works to the property are satisfactorily completed.

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