Redemption
Redemption is the right of the mortgagor to recover mortgaged property on repayment of the loan and any interest due.
This legally means that once you as the borrower have finished repaying the mortgage you took out, the property is yours and the lender has no further claim on it.
If you pay off the mortgage before maturity you may face a redemption penalty which compensates the lender for loss of interest.
Click for more mortgage glossary terms relating to remortgaging.