What is a remortage?

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A remortgage is described as: "The process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The purpose of switching is to secure a more favorable interest rate from a different lender.

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 other debts."

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