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Re–possession

Re–possession is generally used to refer to a financial institution taking back an object e.g. a house, car or other assets that was used as collateral or mortgaged, rented or leased in a transaction.

Remortgage (refinancing)

A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.

Repayment Mortgage

A repayment mortgage is a term generally used to describe a mortgage in which the monthly repayments consist of repaying the capital amount borrowed as well as the accrued interest. The annual mortgage statement indicates the amount borrowed decreasing throughout the term (stated in years).