A to Z of Finance (Jargon Buster) - The Letter R

The world of Finance is full of buzz words and Jargon. In this section I'll translate a whole range of finance terms so you won't get caught out.

Index A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Remortgage

A remortgage is a new mortgage which may be arranged through a different lender. You could opt for a new mortgage product on your house. You can remortgage in order to release the equity in your property. Equity is the difference between the amount you owe on your mortgage and the actuall market value of your home. If your property is worth alot more on the open market than you actually owe on it, you are considered to have equity in your property. You could then choose to remortgage your property for a longer term in order to reduce monthly repayments or you could remortgage and use the money to do whatever you wish.

Repayment Mortgage

Sometimes called a Capital and Interest Mortgage. Your monthly mortgage repayments to your lender covers the capital ( the actual amount you borrowed), and the interest the lender is charging you for borrowing the money.

Right to Buy Mortgage

If you have lived in a Council Property for a number of years you may have the right to buy that property. The council would give you a discount on the proerty if were to buy it. Finance Jungle could help you find a mortgage. For how much longer councils will let you do this is unsure and always on the political agenda.

Typical, variable APR is 10.9%. Rates range from 7.7% to 18.3%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.