Glossary of Terms
We have gathered together on this page, a collection of the terms most often used in the Mortgage, Financial and Property Services Industries.
If you are searching for the meaning of a term. Please click on its initial letter below. A list of terms commencing with that letter will be presented to you. Hopefully, you will find the term you require.
If you cannot find an explanation for the term you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.
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R
- Radon Testing
- Radon is a naturally occurring, colourless, odourless gas, which is radioactive and can enter buildings as a result of passing through cracks and fissures in the sub-soil. In high concentrations over a prolonged period of time, this gas has been linked to lung cancer. "Radon Affected Areas" are parts of the Country with a 1% (or more) probability of present or future properties being above the "Radon Action Level". It is recommended that the level of Radon gas should be measured in all properties within "Radon Affected Areas".
- Redemption
- The process of paying off your mortgage either when moving house, remortgaging or at the end of the mortgage term.
- Redemption Penalties
- Penalties levied by the lender when a borrower pays off the mortgage before the end of the agreed redemption period. These are often charged on fixed, capped or discounted rate mortgages.
- Remittance Fee
- A charge made by the lender for sending mortgage funds to your solicitor just before the purchase is completed.
- Remortgage
- The process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.
- Repayment
- Your monthly payments are partly to repay the amount you borrowed and partly to pay the interest on the outstanding mortgage. This is also known as a capital and interest mortgage.
- Repossession
- The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually involves a forced sale of the property at public auction with the proceeds of the sale being applied to the mortgage debt.
- Right to Buy
- A tenant in a council owned property may purchase the property at a discount depending on length of their tenancy.
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- Ponsworthy
- Devon
- TQ13 7PJ
- 01364 631415
- kevin[ at ]meze.demon.co.uk