Remortgage can be shortly explained as the transfer of the mortgage from one lender to another. People resort to remortgage due to various reasons. They might have been in a bad financial condition when they took mortgage loans for the first time. Later when they find a better deal, they may remortgage the property. It can also be due to the heavy debts incurred. Debt consolidation is one of the main advantages of remortgage. Before deciding to remortgage a property, the owner has to select the most profitable deal available in the market. There is no point in remortgage a property from which the owner is planning to vacate soon.