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redemption
- paying off the mortgage, either to move to another
property or at the end of the mortgage term.
redemption charges
- any charge levied by the lender when the mortgage
loan is repaid before the end of the full term. See also
early redemption penalty.
redundancy insurance
- known as accident, sickness and unemployment
insurance - (ASU) Insurance cover arranged by the borrower to protect
against inability to meet mortgage payments. This cover should more
accurately be described as accident sickness and redundancy insurance as
unemployment cover is generally seriously restricted to cover only events
that are entirely beyond the control of the insured person. Typical
exclusions include dismissal following professional misconduct and any act
of voluntary redundancy. The accident and sickness cover will also be
subject to major restrictions such as any act of self-injury or any injury
related to the use of alcohol or drugs.
references
- see
sub menu.
refinancing
- rearranging borrowings with a different lender,
usually to obtain more attractive terms or to raise fresh capital.
regular
earned income
- payment which is not guaranteed but is still a
regular part of an employees remuneration. Lenders will normally wish to see
evidence of such payments being made on a regular basis, e.g. payslips or
P60s covering a period of months or years. See also: guaranteed income.
regulated loan
- loan of under £15,000 regulated under the terms of
the Consumer Credit Act.
remortgage
- arranging a loan on a property in which the
borrower already resides. Normally this involves redeeming an existing loan
on the property. See also
unencumbered.
remortgage with outstanding discount
- refers to a property that was purchased under a
Right to Buy legislation, where the owner now wishes to remortgage whilst
there is still an outstanding discount remaining.
rent
allowance
- payment received from an employer to be used
towards the cost of accommodation.
repayment
- payment made to cover interest or reduction in
principal of a loan; monthly amount due to the lender
retired
- no longer working, either as an employee or on
one's own account.
retirement annuity contract
- investment of a lump sum which produces a regular
income for a retired person.
right
to buy
- option for council tenants to purchase the property
in which they reside, often at a discount proportional to the length of
occupancy. See separate sub menu for more information
RTB
- option for council tenants to purchase the
property in which they reside, often at a discount proportional to the
length of occupancy.
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R
redemption
redemption charge
redundancy
insurance
references (includes
sub menu)
refinancing
regular earned income
regulated loan
remortgage
remortgage -
outstanding discount
rent allowance
repayment
retired
retirement annuity
contract
right to buy
(includes sub menu)
RTB
Introduction
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