Remortgage in simple terms means the subsequent mortgage of an asset to get a further loan, or when the asset changes hands as a collateral to get a further loan it can be termed as remortgage. This mainly takes place when a borrower is dissatisfied with the mortgager or has difficulty in making the payments. Remortgage is done to meet cash needs, to reduce costs of interest, to decrease the amount of monthly installments, to reduce the period of the loans , to meet expenses which are unforeseen and sudden. There may be times when a person has to get into problem remortgage. People who have had a bad credit history may find difficulty in getting a remortgage and problem remortgage is just the solution for them. It aims and targets the people who have had a past of being insolvent or who have earlier missed their payments, have been defaulters in one way or the other. In a problem remortage one can have the option to get a loan both in the fixed and variable interest rates. In a fixed interest rate plan one pays the same amount of installment and any change in the market interests rates do not affect the amount to be paid by the borrower. Variable interest rates affect the...
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