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JARGON BUSTER

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Redemption

When the mortgage is paid off in full including interest to date and all charges.

Registry of Deeds

This is the first statutory system of registering the ownership of land and other interests, such as mortgages and was founded under the Registry of Deeds Act, 1707.

Remortgage

This is the process of switching a mortgage from one lender to another, often for a more competitive rate. The new mortgage is used to pay the existing lender and at the same time new funds can be raised for other purposes.

Rent-A-Room Scheme

This scheme allows the owner rent a room and earn up to €7,620 a year tax-free.This will not affect mortgage interest or stamp duty relief entitlements.

Residential Investment Property (RIP)

See Buy to Let

Retention

A condition of a mortgage where the lender holds back a portion of the loan, pending work to be carried out by the borrower.

Rider

An amendment to an insurance policy that modifies that policy by expanding or restricting its benefits or excluding certain conditions from coverage.


WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY LOANS SECURED ON IT.