remortgaged
Secured new loan
Remortgaged is the past tense of remortgage, meaning to take out a new mortgage on a property that already has one—typically to secure better terms, release equity, or consolidate debt.
They remortgaged their house to fund the renovation.
The practice is common when interest rates drop or property values rise.
Borrowed money repaid later
- borrowerOne who takes temporarily
- lenderOne who loans money
- repaymentGiving back what's owed
- obligationRequired task or commitment
interest · default · arrears · liability · foreclosure · collateral · creditor · insolvency
Attention, stake, or fee
- rateMeasured speed or charge
- fixedRestored or immovable
- adjustableAble to be changed
- variableProne to fluctuation
term · amortization · principal · prepayment · penalty · APR · tracker · discount
Residential building
- homeOne's personal residence
- residentialRelating to housing
- freeholdPermanent property title
- leaseholdRented property interest
Legally possessing residential property
Formal request document
- approvalFavorable opinion given
- underwritingRisk evaluation and acceptance
- closingFinal stage of something
- escrowConditional third-party deposit
conveyancing · broker · solicitor · fees · paperwork · documentation · affordability · completion
loan
Borrowed money repaid later
obligation · interest · default · arrears · liability · foreclosure · collateral · creditor · insolvency · bankruptcy
interest
Attention, stake, or fee
- rateMeasured speed or charge
- fixedRestored or immovable
- adjustableAble to be changed
variable · term · amortization · principal · prepayment · penalty · APR · tracker · discount · introductory
house
Residential building
- homeOne's personal residence
- residentialRelating to housing
- freeholdPermanent property title
homeownership
Legally possessing residential property
stake · appreciation · appraisal · accumulated · leveraged
application
Formal request document
- approvalFavorable opinion given
- underwritingRisk evaluation and acceptance
- closingFinal stage of something
escrow · conveyancing · broker · solicitor · fees · paperwork · documentation · affordability · completion · disbursement
remortgagedpaid off
Yielded a positive result
unencumbered · debt-free · discharged · cleared · settled