Even though remortgage has been in existence from the time mortgage on property was started, the importance of mortgages have only been realised recently. This is because most mortgage companies have reduced the precloser charges on existing mortgages. Another important reason for growth in remortgage of properties is because most markets have been hit by credit crunch. Since the rate of interest that borrowers pay on mortgage of asset is lower when compared to interest paid on other loans. So, borrowers remortgage their property to pay for expenses such as redecoration of their homes, purchase of a car, or medical expenses. Credit crunch has also forced people to re-look at their finances. People are started to recalculate the interest that pay to the mortgage companies. So in an effort to reduce their interest outgo people remortgage their assets to companies which are willing to give mortgage loans at lower rates of interest. Credit crisis have forced remortgage companies to reduce the mortgage loan that they give on properties. Earlier companies extended credit up to 100 percent of the property value. Things have changed today and most companies are willing to give mortgage loans only up to 90 percent of the property value. I suggest you approach a mortgage broker who will guide you through the remortgage process. Today some companies have made it mandatory for property owners to get home insurance on the remortgaged property. So visit a mortgage broker and find out the changes in requirements of getting a remortgage on property.