Re-mortgage
Refinancing a property by either switching a mortgage from one lender to another or by taking out a second mortgage to take advantage of any equity gained by a rise in value.
Redemption
When a mortgage is fully repaid.
Renewal of contracts
Opportunity to renew a contract which has or will shortly expire.
Repayment mortgage
A mortgage in which monthly charges are used to repay the interest and reduce the outstanding capital.
Repossession
When the mortgage lender takes possession of a property due to non-payment of the mortgage.
Restricted Covenant
An obligation restricting the use of land which is binding on subsequent owners, for example not allowed to keep animals on the premises, or a house builder may put a covenant on a property forbidding extension without his approval.
Retention
The holding back of part of the mortgage until repairs, or specified works to the property, are satisfactorily completed.
RICS
The Royal Institution of Chartered Surveyors.