Real House Price: This is the monetary value of the house taking into account inflation. E.g. house prices have increased 150% in the past 7 years. In real terms this is an increase of 120%.
Recession: This occurs when there is a fall in economic growth for 2 consecutive quarters. (This occurred in the late 1980s and early 1990s).
Redemption: Paying off the outstanding mortgage, either to move to another property, or at the end of the mortgage term.
Redemption Charges: Any charge levied by the lender when the mortgage loan is repaid before the end of the full term. These charges are also known as Early Repayment Charges.
Refinancing: Rearrangement of a loan with a different lender, usually to secure more attractive terms, or to raise new capital.
Remortgage: Arrangement of a new mortgage on a property in which the borrower already lives. Normally this involves redeeming an existing mortgage on the property, and may involve switching mortgage lender.
Repayment: Payment made to cover interest or reduction in the principal of a loan.
Repayment Mortgages: With a repayment mortgage, the monthly repayment consists of the interest owed plus a small amount of the capital owed. Repayment mortgages are the safest type of mortgage, and are the most popular mortgage type in the UK.
Reservation Fees: A fee charged by a lender for setting up a loan. Normally payable upon completion of the paperwork, but may be added to the loan.
Restructured Loan: When a lender offers renegotiated terms on a specific loan.
Right To Buy: An option for council tenants to purchase the property in which they live. The property price is often discounted, proportional to the length of occupancy.
Royal Institute Of Chartered Surveyors (RICS): The professional body for surveyors which sets a code of practice for its members.