REMORTGAGE Meaning and
Definition
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A remortgage refers to the process of replacing an existing mortgage on a property with a new mortgage from a different lender or by renegotiating the terms with the existing lender. It essentially involves the homeowner seeking a new loan on their property to pay off the existing borrowing.
Remortgaging can serve multiple purposes, including securing a better interest rate, consolidating debts, releasing equity, or changing the mortgage structure to suit different financial circumstances. The primary motivation for many homeowners to remortgage is to benefit from more favorable terms, such as a lower interest rate, which can result in reduced monthly repayments and potentially significant savings over the term of the loan.
When pursuing a remortgage, borrowers typically reassess their financial situation and consult various lenders to find the most suitable deal that fulfills their requirements. The application process involves a detailed evaluation of creditworthiness, property value, and income to determine the amount and terms of the new mortgage. Once approved, the remortgage process often involves the legal transfer of the mortgage deed and may include additional fees for solicitors, valuation, and arrangement.
Remortgaging offers homeowners the opportunity to manage their mortgage more effectively, take advantage of more favorable market conditions, or access additional funds. However, it is important to consider the associated costs and potential early repayment charges before deciding whether to remortgage.
Common Misspellings for REMORTGAGE
Etymology of REMORTGAGE
The word "remortgage" is a combination of two words: "re" and "mortgage".
The prefix "re-" comes from Latin and means "again" or "back". It indicates repetition or returning to a previous state or action.
The term "mortgage" has its roots in Old French and Latin. In Old French, "mortgage" was spelled "morgage" and derived from the verb "morguer", which meant "to pledge". This Old French term was later influenced by the Latin word "mortuus", which means "dead".
In its earliest form, a mortgage referred to a conditional pledge of property as security for a loan. If the borrower failed to repay the loan, the property became "dead" or "deadened" in the sense that it was lost to the lender.
Conjugate verb Remortgage
CONDITIONAL
I
would remortgage
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CONDITIONAL CONTINUOUS
I
would be remortgaging
you
would be remortgaging
he/she/it
would be remortgaging
we
would be remortgaging
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would be remortgaging
CONDITIONAL PERFECT
I
would have remortgage
you
would have remortgage
he/she/it
would have remortgage
we
would have remortgage
they
would have remortgage
CONDITIONAL PERFECT CONTINUOUS
I
would have been remortgaging
you
would have been remortgaging
he/she/it
would have been remortgaging
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would have been remortgaging
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would have been remortgaging
FUTURE
I
will remortgage
you
will remortgage
he/she/it
will remortgage
we
will remortgage
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will remortgage
FUTURE CONTINUOUS
I
will be remortgaging
you
will be remortgaging
he/she/it
will be remortgaging
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will be remortgaging
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will be remortgaging
FUTURE PERFECT
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will have remortgaged
you
will have remortgaged
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will have remortgaged
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will have remortgaged
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will have remortgaged
FUTURE PERFECT CONTINUOUS
I
will have been remortgaging
you
will have been remortgaging
he/she/it
will have been remortgaging
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will have been remortgaging
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will have been remortgaging
IMPERATIVE
you
remortgage
we
let´s remortgage
to remortgage
PAST
I
remortgaged
you
remortgaged
he/she/it
remortgaged
we
remortgaged
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remortgaged
PAST CONTINUOUS
I
was remortgaging
you
were remortgaging
he/she/it
was remortgaging
we
were remortgaging
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were remortgaging
PAST PARTICIPLE
remortgaged
PAST PERFECT
I
had remortgaged
you
had remortgaged
he/she/it
had remortgaged
we
had remortgaged
they
had remortgaged
PAST PERFECT CONTINUOUS
I
had been remortgaging
you
had been remortgaging
he/she/it
had been remortgaging
we
had been remortgaging
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had been remortgaging
PRESENT
I
remortgage
you
remortgage
he/she/it
remortgages
we
remortgage
they
remortgage
PRESENT CONTINUOUS
I
am remortgaging
you
are remortgaging
he/she/it
is remortgaging
we
are remortgaging
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are remortgaging
PRESENT PARTICIPLE
remortgaging
PRESENT PERFECT
I
have remortgaged
you
have remortgaged
he/she/it
has remortgaged
we
have remortgaged
they
have remortgaged
PRESENT PERFECT CONTINUOUS
I
have been remortgaging
you
have been remortgaging
he/she/it
has been remortgaging
we
have been remortgaging
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have been remortgaging
