You may have heard people talking about remortgages and if you have a housing loan you may be wondering what this process is all about. A remortgage sounds really fancy but it is actually just the practice of replacing an existing mortgage with a new one from a different lender. The way this works is that the new lender pays off the first mortgage and then the borrower has a new one with them.

Many people believe that this is the same thing as refinancing, but there is a difference. Many people refinance with the same lender but this is different, in the sense remortgages are new loans from new lenders. Why People Choose To Do This

This entry was posted on April 28, 2008 at 3:14 am and is filed under Housing Lenders. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.