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Remortgage
If you remortgage, you are switching your current mortgage to another loan deal, and frequently; another lender.
Remortgages can then be used for multiple or various reasons, but most people simply switch mortgage because it will work out cheaper. So for example, the introductory discounted interest rate may have finished with your current lender; and therefore you could get a better discount, or a lower APR, with another new lender. Other individuals may use a re-mortgage to consolidate their debts, if they take out their remortgage for a larger amount than owed on the existing mortgage.
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