Moving Home
Moving home means navigating your mortgage too. We'll make sure you're on the right deal for your new property from day one.
Moving home involves one of two mortgage routes: porting your existing mortgage to your new property, or taking out a new mortgage entirely. Understanding which option is most suitable, and most cost-effective, is one of the first decisions to make, and we will guide you through it clearly. For more information, see the stamp duty land tax.
As whole-of-market brokers, we compare every option available to you, including deals from your existing lender and the full open market, to ensure you move to your new home on the best possible mortgage terms.
Can I port my existing mortgage?
Porting means transferring your current mortgage deal to your new property. Most mortgages are portable in principle, but your lender will still conduct a fresh affordability assessment for the new property. You can port if the new property is of equal or lower value. If you need to borrow more, the additional amount is usually taken at a new rate on top of the ported amount.
Porting can be worth considering if you are mid-way through a competitive fixed rate with a high early repayment charge. However, it is not always the best option, we will compare the cost of porting against taking a new deal (including any ERC you would pay) to confirm which saves you more money overall.
Getting a new mortgage when moving home
If you are not porting, or if a new mortgage is more cost-effective, we compare the full market to find the best available deal for your new purchase. Key factors include:
- Loan-to-value (LTV), if equity in your current home increases your deposit on the new purchase, you may qualify for a lower LTV tier with better rates.
- Early repayment charges, we calculate whether paying an ERC to exit your current deal early is outweighed by savings on a better new rate.
- Affordability, lenders will assess your income and outgoings against the new mortgage amount, even if you are an existing homeowner.
- Property type, if your new property is non-standard construction, a new build, or above commercial premises, specialist lenders may be needed.
What We Do For You
When you are moving home, we take care of the mortgage so you can focus on everything else. We assess your porting options, compare the full market, and recommend the most cost-effective route. We also coordinate with your solicitor and estate agent to keep timelines aligned and avoid delays.
Source The Best Deals
We compare deals from over 90 lenders across the whole market, including your existing lender’s retention deals and exclusive broker-only products. We take into account your equity, your new purchase price, and any early repayment charges to identify the genuinely best option for your move.
Provide Additional Services
Beyond the mortgage, we can advise on buildings insurance (required from exchange on your new property), life cover, and protection products appropriate to your new mortgage. We can also connect you with solicitors experienced in simultaneous purchase and sale transactions.
Work Quickly and Efficiently
We understand that timing is everything when moving home, chains can be fragile and delays are costly. We work quickly to issue a mortgage in principle and submit your full application promptly. We stay closely in contact with all parties to keep your transaction on track from offer to completion.
Mortgages for Home Movers
Whether you are upsizing, downsizing, or relocating, we have the expertise to find the right mortgage for your move. Get in touch today for a free consultation, we will review your current mortgage, assess your options, and make sure you are set up with the right deal for your next home.