Secured Loans & Mortgages

 

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Remortgage
The process of switching your mortgage loan from one lender to another without necessarily moving house.

 

Repayment mortgage
A mortgage where the capital is repaid gradually over the term of the mortgage. Each Monthly payment is made up of interest due on the outstanding debt (the cost of "servicing" the loan), and an additional sum applied to reducing the capital balance. In the early years most of each month"s payment is comprised of interest. In later years, more capital is repaid with the result that the balance outstanding reduces.

 

Repayment period
The period over which the borrower must repay the lender.

 

Repayment plan
When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.

 

Repayment term
The period of time over which you will repay your mortgage to the lender.

 

Repayment vehicle
The means by which a mortgage loan's capital is repaid. Examples include endowments, ISAs and personal pensions.

 

Repo rate
The Bank of England base rate.

 

Repossession
Usually occurs after a borrower seriously defaults on payments. The lender then legally evicts the borrower and usually auctions the property to recover losses.

 

Restructured loan
A mortgage in which new terms are negotiated.

 

Reverse mortgage
A reverse mortgage isn't really a mortgage at all. A reverse mortgage allows you, the property owner, to access some of the value of your property without selling it. You remain the owner with all your current obligations. And you get a cash stream from your property. When the reverse mortgage agreement is over you or your heirs must repay all of your cash advances plus interest. Reputable lenders don't want your house; they want repayment.

 

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