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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.
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 moving home mortgage.
There are benefits to either, the best decision depends on your situation.
"When you’re moving home, the right mortgage strategy can make a huge difference to both cost and flexibility. Whether you choose to port your existing deal or switch to a new one, it’s essential to understand the fees, timing and affordability checks involved. A well-planned move can help you secure a competitive rate while keeping the process as smooth and stress-free as possible."
Are a type of loan used to buy a property. The mortgage is secured against the value of the property. <style> </style>
Are designed to help give you that first step on the housing ladder. <style> </style>
Are where you only pay back the interest each month. When your mortgage term comes to an end, you still owe exactly what you borrowed at the start.
Aren't that different from a regular mortgage. But there are some important differences.
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.
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.
If you're moving to a bigger or more expensive home and need a larger mortgage, you may be able to:
There are upsides and downsides to all options. Deciding on the best one for you depends on you and your circumstances. Speak to Mojo Mortgages to help find the right home mover mortgage for you.
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.
The Financial Conduct Authority does not regulate mortgages for commercial or investment buy-to-let properties.
Confused.com is not a mortgage intermediary and makes introductions to Mojo Mortgages to provide mortgage solutions.
Confused.com and Mojo Mortgages are part of the same group of companies.Confused.com 2nd Floor, Greyfriars House, Greyfriars Road, Cardiff, CF10 3AL, United Kingdom. Confused.com is a trading name of Inspop.com Limited and is authorised and regulated by the Financial Conduct Authority. FRN 310635
Mojo is a trading style of Life's Great Limited which is registered in England and Wales (06246376). We are authorised and regulated by the Financial Conduct Authority and are on the Financial Services Register (478215). Mojo’s registered office is The Cooperage, 5 Copper Row, London, SE1 2LH.
To contact Mojo by phone, please call 0333 123 0012.
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