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OCR: Alliance Leicester Jargon Buster Glossary Pension Mortgage With this type of mortgage you pay off only the interest on the mortgage throuqhout the agreed term. At the end of this term the mort rtgage will hopefully be paia off with the proceeds of pension plan NB: It is not definite that the pension proceeds will meet the loan please ensure that you obtain professional financial advice) Premi ium This payment for an insurance policy. 1t can be single payment into regular instalments Redemption When you finally pay off your mortgage Redemption Penalty If you pay off your mor tgage before specified time, you may incur financial penalty. This iS based upon percentage of the mortgage pue depends on when you wish to redeem Repayment Mortgage With this type of mortgage you pay instalments of cap ...