can someone explain to me how a remortgage works
You can remortgage your home with a new lender to reduce you payments if the new lender offers a better interest rate.
You can remortgage for the amount of your current mortgage or you can remortgage for a higher amount to release some of the equity (if you have any) for home improvements, pay off other borrowing, car, holiday etc.
Be aware that there may be arrangement fees and survey fees etc. associated with your new mortgage.
We have just remortgaged to release $30k of equity to get a loft conversion. Our current mortgage deal had finished so we remortgaged with a new lender. We received a lower interest rate which we fixed for 2 years at a cost of $199. We were quoted $249 for a survey but as we have over £200k of equity in our home the survey was not considered necessary. We also had to pay a $35 deeds release fee charged by our old mortgage company.