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English definition of “remortgage”

remortgage

verb [I or T]     /ˌriːˈmɔːɡɪdʒ/ 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.
(Definition of remortgage verb from the Cambridge Business English Dictionary © Cambridge University Press)
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