Re-mortgage
A re-mortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security.
Often the purpose of switching, is to secure a more favorable interest rate from a different lender.
The process of re-mortgaging 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.
Home owners may choose to re-mortgage for various reasons, including to reduce the size of repayments, to pay off an existing mortgage, to raise capital or to consolidate other debts.