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Home mover mortgages

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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

This 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 you won’t have to pay a higher rate of interest. But if your new home is more expensive, 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

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.

Home mover mortgages with Mojo

We've partnered with an expert broker, Mojo Mortgages.

Just answer some questions about your situation and let Mojo's expert advisors guide you to a mortgage tailored to your needs. And the best part of it all is, it’s completely free (yes, really!).

With access to lenders across the whole of the market, Mojo advisors strive to save you money and find your best mortgage rate.

 

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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 stay with my current lender or switch?

There are benefits to either, the best decision depends on your situation.

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.
  • 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.
  • If you've had a good experience with your current lender, you may want to stay with them.

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.
  • By comparing mortgages, you may get a cheaper rate and save money in repayments.
  • Switching means you could get a deal with different incentives, for example greater flexibility on overpayments.
  • If you've had a bad experience with your existing lender, remortgaging to a new one may be a preferred option for you.

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 mortgage 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."

Claire Flynn, Senior Content Editor at Mojo
Senior Content Editor | Mojo, Mortgages Expert | Confused.com Mojo logo

Mojo's customer says:

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Learn about different mortgage types

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Need more help?

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.

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.

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Page last reviewed: 30 January 2024

Reviewed by: Claire Flynn

YOU SHOULD THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME/PROPERTY. YOUR HOME/PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. 

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