Meaning of “remortgaging” in the English Dictionary

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"remortgaging" in Business English

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remortgagingnoun [ U ]

uk /ˌriːˈmɔːɡɪdʒɪŋ/ us UK

FINANCE, PROPERTY the process of replacing a mortgage that you already have with a new mortgage, for example one with lower interest rates:

Loans approved for remortgaging fell 15.5% last month, compared with a year ago.
remortgaging deals

(Definition of “remortgaging” from the Cambridge Business English Dictionary © Cambridge University Press)