Normally refers to a remortgage when additional funds are taken over and above the amount required to repay the existing mortgage debt which is then used for personal finance purposes.
This normally refers to a re-mortgage when additional funds are taken over and above the existing mortgage debt. The funds are normally used for personal finance purposes.
When you remortgage, (change your mortgage provider but stay in the same property) your new loan pays off the existing/outstanding mortgage and may leave a surplus at the disposal of the borrower. Additional funds are allowed by some lenders for home improvements.