Changing your lender without moving house. Usually done to obtain a discount to reduce monthly costs or to change scheme type e.g. from a variable to a fixed rate. Remortgaging is often the best way to release equity to fund home improvements, clear other debts or provide a deposit for a second purchase such as a buy-to-let property. In the case of separation or divorce a remortgage can be carried out in conjunction with a 'transfer of equity' which is the procedure of removing (or adding) a party to a mortgage. In many cases funds are raised at the same time in order to meet the financial settlement of the separation agreement.