Remortgage
A remortgage is a loan given, secured on a property, where the borrower already has a mortgage.
Reasons for taking a remortgage can include: gaining a better deal through a different mortgage company; debt consolidation; raising funds for home improvements.
The advantage of a remortgage over other kinds of loan is that as the loan is secured on your property, the interest rate is likely to be lower, and the repayments can be spread over a longer term, resulting in lower monthly repayments.
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