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English definition of “remortgage”

remortgage

verb [I or T]     /ˌriːˈmɔː.ɡɪdʒ/ US  /-ˈmɔːr-/
to arrange a second mortgage (= an agreement with a bank or similar organization in which you borrow money to buy property ) or increase the first mortgage , especially in order to get more money : Robin decided to remortgage his house to pay off his debts .Mortgages and real estateRenting, hiring and hire purchase in general Renting property remortgage     /ˈriː.mɔː.ɡɪdʒ/ US  /-mɔːr-/ noun [C] The building society will arrange a remortgage for a fee of £ 100 .Mortgages and real estateRenting, hiring and hire purchase in general Renting property
(Definition of remortgage verb from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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