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English definition of “remortgage”

remortgage

noun [C]     /ˌriːˈmɔːɡɪdʒ/ UK FINANCE, PROPERTY
a 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
(Definition of remortgage noun from the Cambridge Business English Dictionary © Cambridge University Press)
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