R

Redemption
Completion of the full and final repayment of a mortgage.

Redemption Figure
Amount required to fully repay a mortgage including interest and any penalties.

Repayment Mortgage
Mortgage with monthly repayments consisting of capital combined with interest.

Repossession
Occurs when mortgage payments are in arrears and a lender chooses to take possession of the property that secures the loan.

Residential Property
Property occupied for private or domestic purposes.

Retention
Amount held back by a lender until certain specified works have been completed.