What is a remortgage or re-mortgage?

Usually, it replaces an existing loan secured on a property with a new loan.

Available to existing mortgage holders, re-mortgage acts as a replacement mortgage for those whose circumstances, or requirements change during the repayment term. Just to confuse matters, a new loan secured on an un-encumbered property( this is a property that you already own, but you do not currently have a mortgage on )  is classed as a re-mortgage.  

Still confused?

In today’s ultra-competitive finance industry the general public have a much better understanding of the various financial products and services on offer than they used to. Mortgages are no exception. As with financial products such as life insurance or credit cards, mortgage holders have traditionally kept their business with one provider throughout the term of repayment. Now, with so many competitive products available, people can switch to a new provider and take advantage of lower interest rates, hence lower monthly cost. However, equally as important, more competition has led to the development of products with greater flexibility to fit people’s lifestyles. For example there are now products that allow overpayments when you can afford it and underpayments or even payment holidays when you can’t!