Remortgaging is a fancy term. The fact is that a remortgage is the same thing as refinancing; it’s just a different term. Like with other jargon, there is some confusion about what it entails.
These terms are those that many people have heard, but most don’t have all of the details that they need to make an informed decision about this process. So if you want to gain a deeper understanding of these terms and get the jargon the people keep throwing around, read on.
Understanding the Remortgaging Process
A remortgage is basically the process of paying off an existing mortgage with the proceeds from a new mortgage, but the same property is used for both. There is no purchase of new home involved in remortgaging. Instead most people are simply transferring their mortgage from one lender to another.
While remortgaging is an option, others find that when they look into it that there is a better product or service that they can take advantage of with the same lender, but this isn’t technically remortgaging. This becomes one of those regional stories. Remortgage is to the Auk as refinance is to the US.
This serves a wide variety of...
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