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.