What is a mortgage? And what happens when you remortgage a house?

A residential mortgage is a large loan used to purchase a home.  A down payment of a percentage of the purchase price is required. The mortgage is a long-term debt that you must repay in monthly installments.

Remortgaging is the matter of getting out a new mortgage loan on a home that you own, whether to replace an existing mortgage or borrow the money against this. Remortgages account for almost a third of all house loans in the United Kingdom. There are mortgage advisors in London who provide the mortgage broker service.