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Redemption: the point in time at which a mortgage has been fully repaid.

Registered Land: land (including buildings on it) the title to which is registered at the Land Registry and legal ownership is guaranteed.

Re-Mortgage: the refinancing of a property normally occurring when switching a mortgage between lenders or when a second mortgage is taken out to draw down equity gained by a rise in the value of a property.

Repayment Mortgage: this is a mortgage that is repaid by way of regular, normally monthly, instalments that combine capital repayments with interest.

Repossession: this is when the mortgage lender takes possession of a property due to non-payment of the mortgage, as per the agreed terms.

Retention: an amount held back from the initial loan by the Lender until certain repairs or improvements have been completed or in some cases to cover possible road charges on a new estate.

Right of Way: an individual’s legal right to use any particular part of a property, in order to gain access to any particular part of his own property.