What is Re Mortgage?

Remortgage is similar to loan settlement. A person who’s paying for the house mortgage can apply for another mortgage to pay off the initial one. This might even be a good idea cause you might have found a mortgage which has a lower interest rate so you’ll be saving money. And as for collateral you can use the same one as you use for the initial mortgage for example the house. Also the term remortgaging can be used when the mortgage it self is transferred from one lender to another.