Mortgage Deals Guide R
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Redemption
If you repay (redeem) your mortgage at any time prior to the end of the mortgage term you may have to pay certain fees or an interest penalty (redemption penalty). If the mortgage is repayed in the early years there may be a heftier penalty, a product penalty. An extended redemption tie-in means that this penalty will continue to be payable beyond the initial term of the mortgage. An Independent Mortgage Advisor can help you find the best rate that does not include extended tie-ins.
Remortgage
Switching a mortgage to a new lender.
Repayment Mortgage
With a repayment mortgage, the money you pay each month covers both the interest and capital of the loan. This means that at the end of the term you don't need any extra money to pay off the loan.
Repossession
This is the legal process by which a borrower who has defaulted on mortgage repayments has the property taken away from them. This usually involves a forced sale of the property at public auction.
RPI
Stands for Retail Prices Index. RPI is an average measure of change in the prices of goods and services bought by the majority of households in the UK. It is compiled and published monthly.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it. You may have to pay an early repayment charge to your existing lender if you remortgage. The overall cost for comparison is 8.9% APR the actual cost will depend upon your circumstances.
We do not charge for our service. Some buy-to-let and commercial mortgages are not regulated by the financial services authority.
Mortgage Fix Ltd is a no longer a whole-of-market UK Independent Mortgage Broker. Full details of other advisers are available at the FSA web site www.fsa.gov.uk/register.
