a way in which, people can shop around for a better mortgage loan on their home/property
If you would like to extend or improve your home re-mortgaging can help. Also if you wish to release capital in your home for a car, a holiday, consolidate any existing loans you already have to reduce your monthly outgoings, then re-mortgaging may be the answer.
A new mortgage with a different lender even though you are not moving home. It can be of the same size, bigger or smaller.
If you are not intending to move homes but want to choose a different mortgage lender, you can pay off your original mortgage by taking out a new mortgage. This is also known as refinancing.
Where a better deal has become available it may be make sense to change your mortgage even though you are not moving. There will be a cost in doing this, but the reduced interest rate should offset the costs.
The process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.
This is where you take out a new mortgage on your property with a new lender, even though you are not moving home. Your previous lender is paid off with funds from a new mortgage.
Refers to the process by which a borrower pays off the first mortgage loan by obtaining financing from a second lender. This is usually done in order to obtain better interest rates, pay off a mortgage loan early or reduce monthly mortgage payments.
is the process where you swap mortgage lenders, for whatever reason.