remortgagere·mort·gage1 /ˌriːˈmɔːgɪdʒ-ɔːr-/ verb [intransitiveI, transitiveT] British EnglishBrEFINANCEPROPERTYBANKING to borrow money by having a second or bigger MORTGAGE (=loan) on your property, especially a houseHe advised me to remortgage with a lender with a lower interest rate.
Millions of homeowners have remortgaged their homes to take advantage of lower interest deals.
—remortgaging noun [uncountableU]There are costs involved in remortgaging which you should weigh up against the savings you will make.