[1] The term is mainly used commercially in the United Kingdom, though what it describes is not unique to any one country.
[2] Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts.
However, other reasons may include to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other more expensive short term debts.
Home buyers often misuse the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.
[3] People who remortgage are often advised to take advice from a suitably qualified individual.