Remortgage – Change of ownership of Lender

Remortgage is a sub type of mortgage. In simple term Remortgage means revolutionize mortgage with a different mortgagee or lender, in order to lower the amount buyer or mortgagor paying on mortgage.

Remortgage is popular as refinancing. It is all about saving money. It’s a process of paying off one mortgage with the returns from a new mortgage using the same property as security. The prime objective of Remortgage is to secure a more flattering interest rate from a changed lender.

The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. It’s a process that replaces an existing mortgage loan with a new loan from a different lender. The new lender repays the existing mortgage debt to the original loan provider.

Remortgage - Change of lender
Remortgage

 

Benefits of Remortgage
Here the some benefits of choosing Remortgage are –

* Reduce the size of repayments
* Pay off a mortgage earlier
* Raise capital
* To consolidate other debts
* Lower interest rate
* Saving money