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REDEMPTION
The repayment of an existing mortgage.
REDEMPTION PENALTY
A penalty charged by a mortgagee when you redeem a mortgage within a fixed rate,
discounted rate or cashback period.
REGISTERED LAND
Property which has already been registered at the Land Registry.
RENTCHARGE
Some freehold properties are subject to a rentcharge payable to the rentcharge owner.
This may be to ensure income for the original land owner without the existence of
a lease or it can be to ensure that estate covenants can be enforced more easily.
RESERVATION FEE
An administration fee charged by some mortgagees to cover the cost of reserving
a mortgagor's entitlement to a loan on certain terms or possibly a fee paid to a
builder to reserve a particular new property.