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About Remortage

About Remortage

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. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British. Often the purpose of switching is to secure a more favorable interest rate from a different lender.

The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, including to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate debts.

Homeowners often mis-use the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.

When you remortgage a property through remortgage online, you get a remortgage deal to pay off existing mortgage with the money you receive from a new lender, using the very same property as a security. People often use remortgage online to secure a more competitive interest rate.

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Remortgage | Remortgage deal | Cheap remortgage | Mortgage refinancing | Lenders | Remortgage Online | Remortgage Advice


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