Definition of remortgage in English:

remortgage

verb

[WITH OBJECT]
  • Take out another or a different kind of mortgage on (a property)

    ‘he remortgaged their home to help meet the growing bills’
    [no object] ‘once you remortgage, tax relief will be limited to the first £30,000 of your loan’
    • ‘In 1989 the son remortgaged the property to the Nationwide Building Society.’
    • ‘Find out more about remortgaging in our Mortgage Centre.’
    • ‘But 7% planned to take the drastic step of selling their home or remortgage it to clear their other borrowings.’
    • ‘My colleague approached his bank to say he was remortgaging with another company advertising a special offer and his bank matched the deal rather than lose his business.’
    • ‘Calamity struck when Elbert's death revealed that he had remortgaged his house once too often.’
    • ‘Learn more about remortgaging and visit our mortgage centre to see if you can save money.’
    • ‘Find out more about homeowning, mortgages and remortgaging in the Fools Homeowning Centre.’
    • ‘‘My father, John, agreed to remortgage his house to help fund the case and now he faces the prospect of losing it and being made homeless,’ he added.’
    • ‘I am not suggesting that everyone remortgages their house tomorrow and buys a side scan system, but it is handy to see just what it can do.’
    • ‘Now could be a great time to think about remortgaging, so check out the advice and offers in this exclusive preview of our latest Money Report.’
    • ‘Those of less advanced years, who are still able to get a mortgage, have been remortgaging at higher amounts to take advantage of house price rises, too.’
    • ‘You'd be miles better off remortgaging with your existing mortgage lender, getting an unsecured personal loan or, even better, snowballing your unsecured debts.’
    • ‘Students who fund themselves will inevitably pay through a variety of means - savings, remortgaging the house, using a redundancy pay-out and bank or career development loans are all common.’
    • ‘One reader in her mid-30s was remortgaging her property last year with AIB.’
    • ‘You need to raise a deposit of £150,000, which often comes from remortgaging your family home.’
    • ‘She raised the necessary funds by remortgaging her house and borrowing £25,000 from her parents.’
    • ‘Mine even showed when we remortgaged five years ago.’
    • ‘It agreed to supply half the budget and the Wallises remortgaged their house to make up the difference.’
    • ‘Nor will you investigate remortgaging your property, nor do anything about that costly endowment.’
    • ‘In 1988 I remortgaged and was given a non-status mortgage provided I signed up for an endowment.’

noun

  • A different or additional mortgage.

    ‘a remortgage is one of the cheapest ways of borrowing money’
    • ‘It should take about a month to complete the remortgage.’
    • ‘When you arrange a mortgage or remortgage, lenders will ‘strongly recommend’ that you take out a life insurance policy that will pay off your debt if you die.’
    • ‘Borrowers don't look at the long term savings they can make and wrongly think that a straight swap remortgage will be time consuming.’
    • ‘The remortgage will now go ahead and he can pay the £58,000 tax debt.’
    • ‘Following my recent thoughts about the benefits of using a mortgage broker when considering a remortgage, I spent the weekend doing the actual sums.’
    • ‘In the UK, most mortgages are remortgages and we tend to follow their example.’
    • ‘At the beginning of February 1990 DNB made a second remortgage offer and the remortgage for £136,000 was completed on 5 February 1990.’
    • ‘Historical references show people have borrowed significant amounts of money for thousands of years without credit cards, remortgages or other modern inventions.’
    • ‘Loans for house purchase took up 74% of all new mortgage lending in January, while remortgages accounted for 21%.’
    • ‘As the judge said, on the remortgage to the bank she undertook a liability directly to the bank for the full amount of the loans.’
    • ‘The Steinway came in at around £45,000 and entailed a remortgage.’
    • ‘With the advent of flexible and offset mortgages, overpayments can be drawn back down easily rather than the longer process of releasing equity through a further advance or remortgage.’
    • ‘I do not accept that the purpose of the remortgage was to obtain capital to invest in this business.’
    • ‘To get the remortgage, she forged a letter claiming that she did not live in the house, although she did.’

Pronunciation:

remortgage

/riːˈmɔːɡɪdʒ/