Definitions

1. verb

to mortgage (a property) again, typically after having previously repaid the original mortgage

“After paying off the original mortgage, they decided to remortgage their home to fund their children’s education.”

2. noun

an agreement or contract in which a lender provides money for the purchase of a property, secured on the property itself

“They negotiated a new remortgage deal to secure a lower interest rate on their home loan.”

3. verb

to raise money from the security of a property by obtaining a new loan

“The couple remortgaged their house to pay for a wedding and a new car.”