A remortgage is a new mortgage with a new lender on a property you already own and have a mortgage on. Typical reasons why people remortgage are as follows:
Expiration of current introductory mortgage deal – at the end of your fixed introductory period typically you will be transferred onto the lender’s standard variable rate (SVR). To avoid higher repayments in many cases it makes financial sense to move to another lender locking in a new introductory.