What does remortgage mean?

Essentially, remortgaging is the act of raising a new mortgage loan against a property you currently own, whether there is an existing mortgage on that property already or not.

If you have a mortgage on your property already, then a remortgage basically pays off and replaces that loan, this can be beneficial for a number of reasons including a lower monthly payment, a better interest rate, adjustments to the term of the deal and raising extra cash for home improvements, paying off debt or other ventures.

However, if you own a property in full without a mortgage, you still have the option to remortgage that property, you can borrow an amount proportionate to the value of the property and use the funds for a number of reasons, for example, if you wish to purchase a second home or a Buy to Let property.

There are a number of alternatives to the remortgage, some providing a faster and more cost-effective process, whether it's right for you depends entirely on your situation and you should arrange a consultation with an adviser to find out which option suits you best.