Redemption interest UK Mortgage definition

UK Mortgage definition

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Redemption interest

This is charged on the redemption of a loan by many institutions, often as a percentage of the amount being paid to redeem. Some lenders also charge part Redemption interest. Nearly all lenders waive Redemption interest if the borrower takes out a new loan with the same institution.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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