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Remortgaged: meaning, definitions and examples

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remortgaged

 

[riːˈmɔːɡɪdʒd ]

Definition

Context #1 | Verb

financial transaction

To remortgage means to take out a new mortgage on a property, usually to replace the existing mortgage. This often occurs when a homeowner seeks to secure a better interest rate or to release equity from their home. The process generally involves a lender evaluating the property’s equity and the borrower's financial status. Homeowners may choose to remortgage for various reasons, including debt consolidation, home improvements, or to reduce monthly payments.

Synonyms

re-mortgage, refinance, refinancing.

Examples of usage

  • They decided to remortgage their house to pay for renovations.
  • She remortgaged her home to take advantage of lower interest rates.
  • After several years, he chose to remortgage to access some of the equity.
  • Many homeowners are considering remortgaging due to the current economic climate.

Interesting Facts

Historical Origins

  • The word comes from 'mortgage', which is derived from Old French, meaning 'dead pledge', indicating that the obligation ends when the debt is paid.
  • The concept of remortgaging became prominent in the 20th century as the housing market evolved and consumers sought better financial options.

Finance

  • Many homeowners choose to remortgage to take advantage of lower interest rates, which can save them significant amounts over time.
  • In some countries, remortgaging can provide funds for home improvements, allowing owners to increase their property's value.

Legal Aspects

  • Remortgaging usually requires a new valuation of the property to determine its current market value, ensuring the loan is appropriately secured.
  • The legal process typically involves paperwork and may incur fees, which are important for planning and budget adjustments.

Statistics

  • In the UK, remortgaging hit a peak in 2021 due to attractive interest rates and changing market conditions.
  • Research shows that many homeowners are unaware of the potential savings from remortgaging, leading to opportunities being missed.

Cultural Impact

  • In popular media, the concept of remortgaging often appears in stories about personal finance and the struggles of home ownership.
  • TV shows focused on home improvement frequently discuss remortgaging as a way to finance renovations and add value to properties.

Translations

Translations of the word "remortgaged" in other languages:

🇵🇹 refinanciado

🇮🇳 रिमॉर्टगेज किया हुआ

🇩🇪 umgepfändet

🇮🇩 remortgage

🇺🇦 ремортгеджований

🇵🇱 remortgage'owany

🇯🇵 再抵当された

🇫🇷 remis en hypothèque

🇪🇸 remortgageado

🇹🇷 yeniden ipoteklenmiş

🇰🇷 재융자된

🇸🇦 إعادة الرهن العقاري

🇨🇿 refinancovaný

🇸🇰 refinancovaný

🇨🇳 再抵押的

🇸🇮 remortgaged

🇮🇸 endurskilinn

🇰🇿 қайта ипотекаланған

🇬🇪 მეორედ გაწვდილი

🇦🇿 yenidən ipoteka edilmiş

🇲🇽 remortgageado

Word Frequency Rank

With rank #43,022, this word is among the least frequently used in common English. Understanding it can be beneficial for comprehensive language mastery, but it's not essential for most learners.