What is remortgaging?
When buying a home, most people take out a mortgage. However, you should not view this as a one-time purchase, but as an ongoing financial arrangement that needs regular attention. The terms of the mortgage deal you are offered may only stay in place for a few years, after which they may change. This can result in higher monthly repayments.
To ensure that you can still afford these repayments – and also keep them as low as possible – you will probably need to seek out new mortgage deals every few years. This is called remortgaging.