What is a Remortgage?
A remortgage is what happens when you go and renegotiate your original mortgage. This typically means that the amount that you are borrowing will increase, which is usually due to a rise in the value of the property. The good thing about a remortgage is that it can allow the homeowner to pay back their debts from vehicles and consumer credit (such as credit cards).
Remortgage is a term that is typically only used in the United Kingdom whereas refinance is used in Canada and the United States.
Another advantage of a remortgage is that it can allow a homeowner to make improvements to their home and property or add on to an existing home.
