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Home mover mortgages

Find a moving home mortgage

Whether you want to port or find a new deal, our broker partner Mojo can help you decide on the right mortgage option when you move home

We’ve partnered with Mojo Mortgages to help you compare home mover mortgages with an expert.

  • Advisers who can look at mortgage rates from across the market

  • Get an expert-recommended deal

  • They can help you apply when you're ready

What are my mortgage options when moving home?

When you move home, you normally have the choice of taking your existing mortgage with you (this is known as porting a mortgage) or remortgaging to a new deal.

Porting means moving your mortgage deal to your next home.

Nowadays, most mortgages are portable so it’s easier to take them with you.

If your new home is the same price as your old home, it could be worth porting your mortgage. You won’t have to pay a higher rate of interest.

But if your new home is more expensive, porting may not be the best option. You may find you need to take out another mortgage to cover the difference. This means 2 interest payments.

You may also have to pay an arrangement fee – an administration charge – for the second loan.

Remortgaging means taking out a new or different kind of mortgage. You might choose to do this through your current lender (known as a product transfer) or a different one.

You use the new mortgage to pay off your existing one. But if you’re paying off your existing mortgage early, you might face an early repayment charge (ERC).

Can I move house without changing my mortgage?

Yes, you may be able to keep the same mortgage when moving house. If you're buying a property which is the same price or cheaper, your lender may permit you to port the mortgage across as is. But you need to check that your mortgage is portable.

But if you're moving to a more expensive home, you may be able to port your mortgage and borrow more at the same time. But this depends on the lender. Otherwise you might have to take out an additional mortgage to cover the extra.

What are the benefits of staying with my current lender?

  • If you're porting and rates have increased since you last got a mortgage, keeping your existing deal might save you some money.
  • And even if you remortgage to a new deal, lenders sometimes offer preferential rates to existing customers.
  • If you remortgage with a new lender you might also have to pay some additional fees too.
  • And if you've had a good experience with your current lender, you may want to stay with them.

What are the benefits of switching to a new lender?

  • The main benefit of remortgaging to a new lender when moving home is that you can compare mortgages from across the market, rather than limiting yourself to the options your current lender offers.
  • This might help you get a cheaper rate, saving you money in repayments.
  • Switching to a new lender also may help you get a deal with different incentives, for example greater flexibility on overpayments.
  • And if you've had a bad experience with your existing lender, remortgaging to a new one may be a preferred option for you.

When should I apply for a mortgage if I’m moving?

If you need a new deal, you only submit the formal mortgage application once you've had an offer accepted.

But you should look into your mortgage options before you start house hunting, so that you know your budget.

You can get an agreement in principle (also known as a decision or mortgage in principle) which is a document outlining how much a lender may be willing to let you borrow (but it isn't a guarantee). This helps with working out your budget.

Should I port my mortgage?

Porting your mortgage may be a good option for you if you're happy with your current deal and it's portable.

Where it can get complicated is when you do a combination of porting and taking out another mortgage to cover any extra cost.

It's worth speaking to an independent mortgage broker before you make a decision, as it might be cheaper to remortgage to a new deal.

An expert can help find the right moving home mortgage solution for you and explain the costs.

What fees are involved in taking out a home mover mortgage?

If you take out a new mortgage when you move home, the following fees may apply:

  • Arrangement fee
  • Valuation fee
  • Legal fees
  • Early repayment charges (ERCs)
  • Broker fees

An arrangement fee is the cost charged by the lender for arranging the mortgage. It varies depending on the deal but can be around £1,000 or more.

The valuation fee is the cost the lender charges for valuing your new property to check the amount you're paying for it is what it's roughly worth. This fee is sometimes included as part of the mortgage deal.

Legal fees cover the cost of the solicitor that takes care of the legal paperwork for the mortgage. Sometimes legal fees are included as part of the mortgage deal.

If you're leaving your current mortgage before it's officially ended, you may face ERCs. These can amount to thousands of pounds so make sure to budget accordingly.

If you use a mortgage adviser to find your new deal, they may charge broker fees. But not all of them do (our broker partner Mojo doesn't) – and they should tell you from the outset if they do.

How can I save money when I move my mortgage?

If you choose to port your mortgage to your new property, this could help you save money as you won't usually have to pay another arrangement fee or any ERCs.

Plus, if mortgage rates have increased since you got your existing deal, porting your mortgage might allow you to stay on a much lower rate than you'd otherwise be able to get.

But porting your mortgage isn't always the most cost efficient. This can be the case if you're moving to a more expensive property, and would need to take out another mortgage to cover the extra anyway.

It's worth speaking to an expert to help you look at all the costs to find the right option for you.

How does the value of my new house affect my mortgage?

The value of your new home is important when it comes to your mortgage. This is because it determines the loan-to-value (LTV). A higher LTV normally means higher rates while a lower LTV usually means you can access lower rates and a greater range of deals.

If you plan to port your existing mortgage, but the LTV ratio changes as a result of the new home's value, you need to check the lender is happy with this. A broker can help advise on your options with this.

But if you're remortgaging, looking for a bigger home – upsizing – and can cover the difference with your own money, this could get you a lower LTV mortgage. If you need to get a larger mortgage to cover the extra, you may end up on a higher LTV.

If you’re downsizing and want to reduce the loan amount, you may be able to access lower LTV deals. But you may want to keep the loan the same and put less of a deposit down. If this knocks you onto a higher LTV mortgage, you might face higher rates.

Remember if you choose to remortgage when you move home, you may have to pay ERCs to leave your existing deal early. 

What our expert says

There's a lot of things to think about when you move home, including your mortgage. You may be able to take your existing one with you, but that isn't the only option. An experienced broker, like our Mojo experts, can look at all your options to find right mortgage for you.

Need more help?

Can I keep my mortgage rate if I’m moving house?

If you port your existing mortgage to your new property, you should be able to keep your existing rate.

But you need to check your terms and conditions to confirm that the deal is portable.

And that there are no circumstances that mean the lender isn't happy for you to port or keep your existing rate.

What do I do if I’m in negative equity and want to move?

If you're in negative equity, it's worth consulting your lender about your existing deal before you firm up any moving home plans.

Negative equity means you owe more on your mortgage than your property is worth. This normally occurs if house prices fall.

You'd likely struggle to get accepted for another mortgage for your new home if this is the case.

Your bank or building society is best placed to guide you through the options available to you.

What do I do if I need a larger mortgage?

If you're moving to a bigger or more expensive home and need a larger mortgage, you may be able to:

  • Port your existing mortgage and see if you can also increase the loan size
  • Port your existing mortgage and take out a new mortgage to cover the extra
  • Remortgage to a new deal with your existing lender (product transfer)
  • Remortgage to a new deal with another lender

There are upsides and downsides to all options. Deciding on the best one for you depends on you and your circumstances.

Can I use my equity as a deposit when moving home?

Yes, if you're moving to a new home, you can use the equity in your existing home as a deposit.

For example, if your current property is valued at £200,000 and you have £50,000 (25%) equity, and you're moving to a £500,000 property, the equity in your existing property would amount to a 10% deposit.

You can also top up your deposit amount with savings. This may help you get access to a lower LTV deal which normally means you get better rates.

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Page last reviewed: 18 September 2023

Reviewed by: Claire Flynn


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