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What does remortgage mean?

What is a remortgage?

Asked on Jun 15 2016, Home Finance in Essex | Report content

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  • If you already have a mortgage, taking out another mortgage, usually to replace the existing mortgage to get a better deal or possibly borrow more.

    Answered on Jun 16 2016, Report content
  • Hi there, A remortgage is when you take out a new mortgage on a property that already has a mortgage. The second mortgage is then used to pay off the first one. Often, a remortgage is taken out as it offers better interest rates than the first mortgage. You can use our mortgage repayment tool as a remortgage calculator to get an idea of what potential payment terms might be, just follow the link at the bottom. Many thanks, Dan

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    Answered on Jun 16 2016, Report content

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