remortgage
verb [ I or T ]
FINANCE, PROPERTY UK uk/ˌriːˈmɔːɡɪdʒ/ usto replace a mortgage that you already have with a new mortgage, for example one with lower interest rates:
Fears that interest rates might increase before the end of the year spurred homeowners to remortgage.
remortgage your home/house/property They remortgaged the family home in order to finance the business.
remortgage
noun [ C ]
FINANCE, PROPERTY UK uk/ˌriːˈmɔːɡɪdʒ/ usa financial arrangement in which someone replaces a mortgage that they already have with a new mortgage, for example one with lower interest rates:
340,000 loans and remortgages were granted to buy-to-let landlords in 2007.
Our deal offers free valuation and free legal work on remortgages.
remortgage deals/packages/schemes