Redemption: Occurs when a mortgage is fully repaid..

Re-mortgage: The re-financing of a property either by switching lenders,or by taking out a second mortgage to draw on the equity that may have been gained by the rise in capital value of the property..

Repayment Mortgage: Monthly payments which can cover both interest and capital so that the amount that is outstanding will gradually decrease until the mortgage is fully repaid at the end of an agreed term..

Repossession: This occurs when the mortgage lender takes possession of the property due to the non payment of the agreed mortgage..

Retention: This is where a mortgage lender retains part of a loan until repairs or specified works to the property have been satisfactorily competed..