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Remortgaged: meaning, definitions and examples

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remortgaged

 

[ riːˈmɔːɡɪdʒd ]

Verb
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.

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

Etymology

The term 'remortgage' combines the prefix 're-', which denotes repetition or doing something again, with 'mortgage', a word derived from Old French 'mort', meaning 'dead', and 'gage', meaning 'pledge'. The original meaning of a mortgage was a pledge that became void (or 'dead') if the debt was paid off; conversely, it remained in force until the debt was settled. The practice of remortgaging has gained popularity in the UK since the 1980s, largely due to the rising property market and the financial benefits associated with changing mortgage terms. As homeowners seek to optimize their financial situations, remortgaging has become a common strategy in personal finance management.

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.