What Happens to Your Existing Mortgage When You Move?
There are usually two main routes.
Option 1: Take Your Mortgage With You (Porting)
Some mortgages can be transferred to your new property. This is often called porting.
- It isn't automatic. The lender will assess your application again, including affordability and the new property.
- If you need to borrow more, the extra amount may be on different terms from your existing deal.
- Porting may let you keep your current rate and avoid an early repayment charge, but only if your lender allows it and you meet its criteria.
Option 2: Repay It and Take a New Mortgage
You can repay your existing mortgage when you sell and arrange a new one for your next home, with the same lender or a different one.
- If you're still within your deal period, you may have to pay an early repayment charge.
- You can consider products from lenders other than your current one.
- A new application involves affordability checks, a valuation and legal work.
Which Is Right for You?
There isn't one answer that applies to everyone. The rate on your current deal, any early repayment charge, how much you need to borrow and the timing of your move all matter. An appropriately authorised mortgage adviser can explain the options and recommend suitable ones from the lenders and products available to them.
If you're staying put and your deal is ending, see finding a remortgage adviser.
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Selling and Buying: Getting the Timing Right
Most home movers are selling one property and buying another, so timing matters.
- Check your mortgage terms first. Look for the end date of your deal, any early repayment charge and whether the mortgage is portable.
- Speak to an adviser before you make an offer. Knowing how much you may be able to borrow helps you set a realistic budget.
- Plan for chains. Your purchase may depend on your sale and on other people's sales. Delays can affect mortgage offers and completion dates.
- Ask about mortgage offer timings. A mortgage offer is usually valid for a limited period. Ask how long it lasts and what happens if completion is delayed.
Buying before you sell, or moving between two properties at once, can be more complex. Whether it is possible depends on your affordability and the lender's criteria, so discuss it with an adviser early.
What Changes When You Move?
Your circumstances may be different from when you took out your current mortgage. Things that can affect what you can borrow include:
- Changes in your income or employment.
- New financial commitments, such as loans, credit cards or childcare costs.
- The equity you have built up in your current home. Equity is the part of its value you own outright.
- The price and type of the property you want to buy.
- The remaining term of your existing mortgage.
The Costs of Moving Home
Besides the deposit, budget for:
- Early repayment charges on your current mortgage, if they apply.
- Stamp duty or its equivalent: Stamp Duty Land Tax in England and Northern Ireland, Land and Buildings Transaction Tax in Scotland and Land Transaction Tax in Wales. The rules and thresholds change, so check the current position for your area.
- Legal fees for both the sale and the purchase.
- Estate agent fees when you sell.
- Valuation and survey fees for the property you buy.
- Mortgage product fees on a new mortgage.
- Mortgage adviser fees: some advisers charge customers directly, others receive commission from lenders, and some receive both. Ask how any adviser is paid.
- Removals and set-up costs.
Remember: Local Advisors' introduction service is free. Any subsequent mortgage-advice fees are separate arrangements between you and the adviser.
What Should You Have Ready Before Speaking to an Adviser?
- Your current lender, outstanding balance, interest rate and the date your deal ends.
- Any early repayment charge shown in your mortgage paperwork.
- The approximate value of your current home and the price range of the one you want.
- Your income and employment details, and any regular financial commitments.
- How much you'd like to borrow and over what term.
You don't need to have sold your home or found a new one before speaking to an adviser.
How Can a Home Mover Mortgage Adviser Help?
Depending on the service they provide, an adviser may:
- Review your existing mortgage and explain whether porting may be possible.
- Discuss your finances and what you're hoping to buy.
- Compare mortgage products from the lenders they can access.
- Explain fees, early repayment charges and other costs.
- Recommend a suitable mortgage where appropriate.
- Help with the application and keep in touch while your sale and purchase progress.
Not all advisers have access to the same lenders or products. It's worth asking which lenders they can consider, how they charge and what support they provide.
The adviser is responsible for providing any regulated mortgage advice and recommendations.
How Local Advisors Helps You Find a Home Mover Adviser
Finding a mortgage adviser doesn't have to mean contacting several businesses yourself. Our free introduction service connects people looking for mortgage advice with advisers who cover their area.
Step 1: Tell us about your requirements. Complete our short online enquiry for your home mover mortgage. We ask for some basic information so we can look for an adviser who can discuss it.
Step 2: We look for an adviser covering your area. We use the information you provide to identify an adviser who can discuss your enquiry. Availability depends on your area and on the advisers taking enquiries at the time. Before accepting adviser businesses onto our platform, we carry out checks covering FCA status, business websites, wider online presence, Google Business Profiles, customer reviews and ICO registration. These checks help us assess the businesses we work with. They do not replace your own checks or guarantee the suitability of any particular adviser.
Step 3: Discuss your options. The adviser you're introduced to can discuss your circumstances, explain their service and help you understand your mortgage options. The initial consultation is free, and you're under no obligation to proceed. Local Advisors does not provide mortgage advice or recommend mortgage products. Any regulated mortgage advice is provided by the adviser you're introduced to.
Questions Worth Asking a Mortgage Adviser When Moving Home
- Can my current mortgage be ported, and what would that involve?
- Would I pay an early repayment charge if I repay it instead?
- How much might I be able to borrow for my next home?
- How would a delay in my sale or chain affect my mortgage offer?
- What fees might I need to pay, and when?
- Which mortgage lenders can you consider?
- What documents will you need from me?
- Who will keep me updated while my sale and purchase progress?
You should feel comfortable asking questions and requesting clarification before deciding whether to proceed. Our guide to 10 questions to ask a mortgage advisor has a fuller checklist.
Helpful Mortgage Adviser Guides
How to Choose a Mortgage Advisor
How to compare advisers, check credentials and assess the services they offer.
How Much Does a Mortgage Advisor Cost?
Common charging arrangements and questions to ask about fees.
How to Check if a Mortgage Advisor Is FCA Authorised
How to check a firm's regulatory status and permissions.
Frequently Asked Questions
Can I take my mortgage with me when I move?
Some mortgages are portable, but it depends on your lender's terms and your circumstances. You will usually need to apply again and meet the lender's criteria for the new property.
Will I have to pay an early repayment charge if I move?
You may, if you repay your mortgage during your deal period. Porting your mortgage may avoid it. Check your mortgage paperwork and ask your lender or an adviser.
Can I buy a new home before I sell my old one?
It can be possible in some circumstances, but it depends on affordability and the lender's criteria. Speak to an adviser early.
Can I borrow more when I move?
Often, if you can afford it and the lender agrees. The extra borrowing may be on different terms from your existing deal.
Do I need a mortgage adviser to move home?
Not necessarily. You can speak to your current lender or apply to others directly. An adviser can help you compare options and understand the costs.
Is Local Advisors free to use?
Yes. Our mortgage-adviser matching service is free, and the advisers we introduce offer a free initial consultation. Any subsequent mortgage-advice fees are agreed separately with the adviser. Local Advisors receives payment from participating adviser businesses for introductions.
Does Local Advisors provide mortgage advice?
No. Local Advisors is a mortgage-adviser introduction service. We connect customers with mortgage advisers who can discuss their requirements. Any regulated mortgage advice or personalised mortgage recommendations are provided by the appropriately authorised adviser.
Other mortgage situations
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