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| Redemption Fees A fee charged by the lender if you pay off all or part of your mortgage before an agreed date or you move the loan to another lender. These charges usually apply on fixed, discounted, or cashback mortgages. Re-mortgage Keeping the existing property but either changing lenders for a better rate and/or raise additional funds; or remaining with existing lender to raise additional funds, subject to enough equity. Repayment Mortgage Where the mortgage payments made to the lender on a monthly basis consist of capital and interest. The capital sum owing slowly decreases over the course of the term until there is a zero balance at the end of the term. Retention If essential works are still required to be carried out when completion takes place, a lender may retain some of the advance funds until the essential works have been completed; subject to a re-inspection and usually a fee. |