What Does Remortgage Mean?

Answer

A remortgage refers to a situation where people with an existing mortgage loan wishes to replace it with one from a different remortgage lender. Remortgage is also regarded as where somebody wishes to restore their loan with a new one but from the same lender.
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Ask.com Answer for: what does remortgage mean
mort·gage
[mawr-gij]
NOUN
1.
a conveyance of an interest in property as security for the repayment of money borrowed.
2.
the deed by which such a transaction is effected.
3.
the rights conferred by it, or the state of the property conveyed.
VERB (USED WITH OBJECT) [MORT·GAGED, MORT·GAG·ING.]
4.
Law. to convey or place (real property) under a mortgage.
5.
to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.
Source: Dictionary.com
A remortgage refers to the paying off of one's current lender with the funds received from a new lender against the same property. It may allow the owner of that property to repay other debts such as personal loans or credit cards, or it may be a way of paying for home improvements such as a conservatory a loft conversion.
Remortgage can simply be defined as the process of borrowing money on your house as security which is already on a mortgage. To remortgage your house, you will need to go to a lending institution with all your credit details and also your house details. Many people in the UK never remortgage their houses.
A mortgage is a sum of money borrowed from a bank, building society or other lenders in order to buy a property. The mortgage is then repaid over time, together with added interest. Remortgaging needn't only occur when your mortgage term comes to an end. Some people take out a new mortgage simply to save money on their monthly repayments. You will need to have built up much equity in your property for you to be able to remortgage. If you are staying with your existing lender, then remortgaging should be relatively straightforward. You can also enlist the help of a mortgage broker to help you find the right mortgage..
A remortgage is a process of replacing an already existing mortgage, by giving the mortgagee a new loan from another source, possibly a new lender, which can be a person or a financial institution. This is important to the mortgagees because it will help them to pay the old mortgage debt, and start paying the new debt, which has usually a less accumulated interest.
Remortgage is the process of replacing an existing mortgage loan with a new loan but from a different lender offering a better deal. This new lender repays the old debt to the original loan provider thus the borrower is left with only one mortgage loan repayable to the new lender. Some of the reasons for remortgaging include saving money, reduction to monthly repayments and securing a new mortgage with lower interest rate.
Remortgaging basically means, leaving your current old mortgage for a new deal. It's usually done to save money or to raise money. Anyone who owns property can consider remortgaging. To remortgage, first check repayment charges, then contact your existing lender. Be sure to compare with other deals before making a decision. Consider valuation needed also. Finally apply to the lender, get an offer & then the conveyance work needs to be carried out, perform local searches and then the funds need to be released.
A remortgage refers to the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.
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