Remortgage Definition
This is when you switch your mortgage from your current lender to another one. You take out a new mortgage to repay your current one. You may be able to get a better rate that saves you money.
When a borrower takes out a new mortgage with a different lender but on the same property in order to repay the existing lender. Usually used to obtain a better deal from the new lender or to increase the size of the mortgage to raise funds.
The process of switching your mortgage loan from one lender to another without necessarily moving house.
When a borrower moves a mortgage from one lender to another this is known as a re-mortgage. The new mortgage will pay off the existing lender and sometimes the borrower may raise additional funds over and above the old mortgage amount. With a competitive mortgage market, re-mortgaging has greatly increased in popularity and many borrowers usually re-mortgage to secure a competitive interest rate. It should be noted that re-mortgages carry costs and the borrower should also be wary of any redemption charges when considering a re-mortgage.
A new mortgage although you are not moving home.
Repaying one mortgage by taking out another secured on the same property, possibly to take advantage of a particular mortgage product or better interest rate.
A new mortgage although you are not moving home.
The arranging of a loan on a property in which the borrower already resides. Normally this involves redeeming an existing loan on the property.
To take out a new mortgage on top of your existing mortgage - may be used for an extension or home improvements.