 However, other reasons may include to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other more expensive short term debts.Home buyers often misuse the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.The ability to remortgage is very much based on an individual's circumstances and as the costs involved can be very large, there may be prepayment penalties and other costs.