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"mortgage" vs "remortgage"

Both 'remortgage' and 'mortgage' are correct, but they are used in different contexts. 'Mortgage' refers to the initial loan taken out to buy a property, while 'remortgage' refers to the process of switching your existing mortgage to a new deal or lender.

Last Updated: March 30, 2024

mortgage

The term 'mortgage' is correct and commonly used to refer to the initial loan taken out to buy a property.

Use 'mortgage' when referring to the loan taken out to buy a property, usually secured against the property itself.

Examples:

  • They took out a mortgage to buy their first home.
  • The bank approved their mortgage application.
  • She's paying off her mortgage over 30 years.

Alternatives:

  • home loan
  • property loan
  • housing loan
  • real estate loan
  • property mortgage

remortgage

The term 'remortgage' is correct and commonly used in the context of switching your existing mortgage to a new deal or lender.

Use 'remortgage' when you are talking about the process of changing your existing mortgage to a new one, often to get a better deal or lower interest rate.

Examples:

  • I'm thinking of remortgaging my house to take advantage of lower interest rates.
  • She decided to remortgage her property to release some equity.
  • It might be a good time to remortgage with the current low interest rates.

Alternatives:

  • refinance
  • switch mortgages
  • change mortgage deal
  • get a new mortgage deal
  • take out a new mortgage

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