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| Please select a letter to find a description i.e. for "interest" select "I" from the table below. |
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Rate - Variable |
| A variable rate is a rate of interest that can go up and down during the lifetime of a loan and is usually linked to an independent base rate. The circumstances that cause the rate to change are explained in the loan conditions, an example are announcements in changes to the Bank of England base rate of interest. |
Rate of Interest |
| Interest rate is the amount paid by the Borrower to the Lender for the use of the Lender's money. The interest rate is the cost of borrowing money expressed as a percentage rate |
Redemption |
Repayment of a loan |
Redemption Penalties |
A charge payable on some loans and mortgages if they are repaid early. The amount depends on the loan outstanding and its terms. This particularly applies to certain types of mortgages, such as those with fixed, discounted, or capped interest rates and to cashback mortgages. Always refer to your Lenders Terms & Conditions to ensure that you are aware of their redemption arrangements. |
Reducing Term Assurance |
| A term assurance policy is where the sum assured reduces over the term of the policy. A reducing term assurance policy is often taken out in connection with a repayment mortgage and the reducing sum assured is intended to be approximately equal to the outstanding capital that would need to be repaid in the event of the Borrower's death, as long as the monthly repayments have been kept up to date. |
Refinancing |
Term given when moving borrowings from one Lender to another usually to achieve a better rate of interest or to raise additional funds. |
| Income not guaranteed but which forms part of employees salary e.g. bonus paid annually. |
Remittance Fee |
| This is a charge made by the Lender for sending the mortgage funds to your solicitor in order for the mortgage transaction to be completed. |
Remortgage |
| Taking out a new mortgage to replace an existing one without moving house is known as 'remortgaging. Typically Borrowers remortgage to achieve a better rate of interest. The new mortgage can be with the same or a different Lender. |
| Income earned from a rental property owned by the Landlord. |
Repayment Mortgage |
Repayment mortgage is the only guaranteed method of paying off your mortgage. The monthly mortgage payment is part capital and part interest on the amount borrowed, and may also include an element for insurances. The mortgage debt is guaranteed to be repaid at the end of the term providing you have made all your monthly repayments when due, which is one of the main attractions of this type of mortgage. |
Repossession |
If a Borrower does not keep up the repayments on a mortgage or other loan secured on property, the Lender has the right to take over the property and sell it to get its money back. |
Right to Buy |
A term associated with legislation that gives council house tenants the right to buy their homes, sometimes at a price below the market value. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.