Meaning of “remortgage” in the English Dictionary

"remortgage" in British English

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remortgageverb [ I or T ]

uk /ˌriːˈmɔː.ɡɪdʒ/ us /ˌriːˈmɔːr.ɡɪdʒ/ UK US refinance

to change the terms of a mortgage (= agreement by which you borrow money to buy property), usually by increasing the amount of it, in order to be able to borrow more money:

Robin decided to remortgage his house to pay off his debts.
remortgage
noun [ C ] uk /ˈriː.mɔː.ɡɪdʒ/ us /ˈriː.mɔːr.ɡɪdʒ/

The building society will arrange a remortgage for a fee of £100.

(Definition of “remortgage” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"remortgage" in Business English

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remortgageverb [ I or T ]

uk /ˌriːˈmɔːɡɪdʒ/ us UK FINANCE, PROPERTY

to 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.

remortgagenoun [ C ]

uk /ˌriːˈmɔːɡɪdʒ/ us 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” from the Cambridge Business English Dictionary © Cambridge University Press)