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Moving House Mortgage
Moving home can be exciting, but choosing what to do with your existing mortgage can make a big difference. We help you understand your options and find the right route for your next property.
What Is a Moving House Mortgage?
A moving house mortgage is simply a standard mortgage for someone who already owns a property and wants to purchase another home. The key decision is what happens to your existing mortgage.
Is a Moving House Mortgage Right for You?
Moving house mortgages are designed for existing homeowners who want to trade up, downsize or simply move to another property.
Porting can be particularly attractive if you currently have a mortgage rate that is cheaper than today's market rates or if you are still within a fixed-rate period.
Starting again with a new mortgage may be more suitable if your current deal is ending, your existing lender cannot offer enough borrowing, or your circumstances have changed.
Moving to a larger property
Downsizing to a smaller home
Moving while on a fixed-rate mortgage
Looking to increase your borrowing
Considering a different lender
How Does Moving House Work?
Planning ahead can make the process considerably easier. We can help you understand your mortgage position before you make an offer on your next property.
Review Your Existing Mortgage
Check whether your mortgage is portable, your outstanding balance and whether an early repayment charge applies.
Set Your Moving Budget
Consider your expected sale proceeds, available equity, fees and affordability before deciding how much you can spend.
Get a Decision in Principle
Establish how much you could potentially borrow before viewing properties and making offers.
Submit Your Application
Once your offer is accepted, your mortgage application will be fully assessed using your current financial circumstances.
Property Valuation
Your new property will normally require a valuation as part of the mortgage assessment.
Mortgage Offer
Once approved, the lender issues your mortgage offer, which is typically valid for several months.
Conveyancing
Legal work takes place on both your property sale and purchase, often running alongside each other.
Exchange & Completion
Your sale and purchase complete, allowing you to move into your new home. Porting may require both transactions to complete simultaneously.
Costs to Budget For
Moving house involves more than just your deposit. Understanding the additional costs can help you create a realistic budget.
Stamp Duty
Your stamp duty liability will depend on the purchase price and your individual circumstances.
Estate Agent Fees
Estate agent fees can typically be around 1–1.5% plus VAT of the sale price.
Conveyancing
Combined legal costs for your sale and purchase can commonly fall around the £1,500–£2,500 range.
Other Moving Costs
Remember to budget for surveys, removals, mortgage arrangement fees and other associated expenses.
Porting Protects Your Rate — Not Your Approval
One of the biggest misconceptions about porting is that your existing mortgage is automatically guaranteed.
Your lender will normally reassess your affordability and circumstances. A reduction in income, new debts or a change to self-employed status could affect your ability to port even if you have maintained a perfect repayment history.
If your port is declined, you could potentially face an early repayment charge or need to arrange a new mortgage at current market rates.
Make Your Next Move With Confidence
Choosing between porting, topping up or arranging a completely new mortgage can have a significant impact on your costs. Professional advice can help you compare the available routes before you commit to your next property.
Review Your Current Deal
Understand your existing balance, rate, portability and early repayment charges.
Assess Affordability
Understand how your current circumstances could affect your borrowing options.
Compare Your Options
Consider porting, topping up or moving to a new mortgage.
Plan Before You Offer
Get your mortgage position clear before committing to your next property.
Let's Find the Right Mortgage for Your Next Home
Whether you're considering porting your existing mortgage, increasing your borrowing or starting fresh, we're here to help you understand your options.