Definition
The financial equivalent of a do-over, where you replace your existing mortgage with a new one, usually to snag a better interest rate or release equity you've built up. It's like refinancing's British cousin—same concept, fancier vocabulary. Homeowners often remortgage when their initial deal expires or when they need cash for renovations, though banks will happily charge you fees for the privilege of switching.
Example Usage
We decided to remortgage to take advantage of lower interest rates and shave £200 off our monthly payments.
Source: Real estate and finance terminology via standard dictionary definition
Related Terms
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See “remortgage” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.
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