Meaning of “equity of redemption” in the English Dictionary

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"equity of redemption" in Business English

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equity of redemptionnoun [ S ]


the legal right to own a property after having paid a mortgage on it, even if some payments have been late:

Where the payments on a mortgage have not been met and the instrument has not been foreclosed, the mortgagor still has what is known as an equity of redemption.

(Definition of “equity of redemption” from the Cambridge Business English Dictionary © Cambridge University Press)