Moving Home Mortgages
Moving house? Here is our Moving House Mortgage Hub, where we've broken doing moving home into 4 easy steps.
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How to Get a Mortgage When Moving Home
Follow these 4 steps and you'll be ready to move up the property ladder:
- 1. Research Moving House
- 2. Find Out How Much You Can Borrow
- 3. Compare Mortgage Rates
- 4. Consider the Cost of Moving Home
Below you'll find more information on these steps as well as additional resources for each step to help you prepare, as well as information on moving home after divorce, moving your mortgage to a new house and more. You'll also find answers to your questions in our moving home FAQs.
Step 1: Research Moving House
Learn the basics about moving home first.
On this page we go through porting, switching to a new mortgage lender and rate, tips for moving home and searching for a new property, selling your current house, the costs involved in moving home and more.
Buying a House
Get helpful tips on choosing between properties to finding a new home, applying for a mortgage, getting a solicitor and more.
Freehold and Leasehold
Not sure whether to get a freehold or leasehold home? Learn how they’re different, the benefits and drawbacks and more.
Types of Houses
Not sure what type of house you want? We go through the different types in this guide, from semi-detached to bungalows – we’ve got you covered.
10 Steps to Sell Your Home
Putting your home on the market? Set yourself apart from the competition with top tips on how to sell your home.
Moving Home Because of Divorce or Separation?
Here you'll find resources about moving home after divorce or separation, including how it works and what your options are.
Divorce and Mortgages
Learn how divorce affects your mortgage and what your options are. We go through who’s liable to pay, selling your home, buying out your ex, getting a new mortgage and more.
Am I a First Time Buyer Again?
"After separation, what am I classed as for mortgage purposes? Am I a first time buyer, even though I'm not? My partner has had my name removed from our joint mortgage."
What Can I Do if My Ex Stops Paying the Mortgage?
"My ex and I recently separated. What happens to our joint mortgage now? They’ve said they’re not going to keep paying it. I'd like to know my options."
Mortgage Options Following Separation
Mortgage expert Nicholas Mendes goes through your options after divorce or separation, including buying out your ex and if neither of you can afford the mortgage alone.
Step 2: Find Out How Much You Can Borrow
Once you have a clearer idea of how the moving home process works, what your goals are and what your journey will look like, you can start getting into the numbers. With our mortgage borrowing calculator you'll be able to work out how much you can borrow on a residential mortgage, based on your income.
Mortgage Comparison Calculator
Find out how much you could save by changing your mortgage rate here with our free and easy mortgage comparison calculator.
Mortgage Loan to Value Calculator
The equity you've built up can act as a deposit on a new home, meaning that when you move you could get a new cheaper mortgage or upsize. Calculate your LTV here.
Mortgage Repayment Calculator
As a homeowner, you're likely wondering what your monthly payments will look like on a new mortgage. Find out with our mortgage repayment calculator.
Mortgage Affordability Hub
Want know how mortgage affordability works and how much mortgage you can afford? Read our guide to learn what lenders check when considering your application.
Step 3: Compare Mortgage Rates
By the time you reach this step, you'll have a better understanding of what's right for you and will have laid the groundwork so you can start seriously comparing residential mortgage offers currently on the market in the UK. Basically, you'll be ready to find the best option for you as a homemover and apply for your new mortgage!
Fixed Rate Mortgage Deals
Fixed rate mortgages are popular amongst homebuyers. This is because interest rates are fixed - making your monthly payments easier to predict. Learn more about them and compare fixed rate mortgages here.
Interest Only Mortgages
On this page you can compare mortgage rates, calculate how much you can borrow and learn all about interest-only mortgages, including who they’re suitable for, the criteria lenders consider and more.
Tracker Rate Mortgages
Here we explain tracker and variable rate mortgages, including the benefits and drawbacks, how they compare to fixed rates and the process to get one. You can also compare the latest tracker rates with our best buys.
Let to Buy Mortgages
Want to move home without selling your existing property? With let to buy, you could remortgage your existing home on to a buy to let basis, at the same time releasing equity to use as a deposit on your new home.
Applying for a Mortgage
Need a refresher on the mortgage process? Don't worry, it's pretty straightforward. In this guide we take you through the whole journey, from pre-application to completion.
How Do Offsets Work?
Find out whether an offset mortgage could work for you in this guide. Learn how they’re different from normal mortgages, who they’re suitable for, the different types of offsets available and more.
Mortgage Types Explained
Curious about what other types of mortgages could be available to you when you move home? Find out in this guide: we explain interest only mortgages , different rate options and more.
What Mortgage Documents Do I Need?
There are loads of different documents you need when you apply for a mortgage and move home, so don't worry if you don't remember them all. We've got the list you need here.
Can I Move My Mortgage to Another House?
It is possible to move your existing mortgage to a new home; this is called "porting" your mortgage.
Moving Mortgage to New House
When you move a mortgage to a new house, you “port” it. Porting simply means you transfer your existing mortgage from your current property to your new property.
Technically, your existing mortgage is repaid upon the sale of your existing property and a new version of the same product is taken out on the new property. This happens at completion.
You may want to move home with your existing mortgage if you have a particularly competitive rate that you want to keep or to avoid any ERCs (early repayment charges). You’ll need to ask your broker whether your mortgage is portable.
Even if your mortgage is portable, you still may not be able to take it with you when moving home as you’ll have to reapply for the mortgage with the lender. You may not qualify if your circumstances and/or the criteria have changed, or the property you’re looking to buy is deemed unsuitable security by your current lender.
Switching to a New Mortgage
It’s more common to switch mortgage products when you buy a new house, than move your existing mortgage to the new property. Sometimes, people switch providers because their lender won’t let them port their current mortgage, but usually people switch simply because there are better deals available.
When you switch to a new product, your existing mortgage is repaid upon the sale of your existing property and a new mortgage is taken out on the new property. This also happens at completion. Learn about managing the property chain in our guide.
Want to Renovate Instead of Move?
Want to improve your current home rather than move to a new one? Compare remortgage deals now.
Step 4: Consider the Cost of Moving House
As a homemover rather than a first time buyer, you benefit from the fact that the equity you've build up in your existing property can act as a mortgage deposit.
Nonetheless there are other moving house costs to consider.
What Are the Mortgage Costs When Moving House?
- Stamp Duty - you pay Stamp Duty when you buy a property or piece of land over a certain value in the UK
- Mortgage valuation - when a lender is considering your application, they’ll arrange a mortgage valuation to make sure the property is suitable security. There are also different types of house surveys you can arrange if you require more information about the property
- Conveyancing/Solicitors’ fees - after you accept the mortgage offer, your conveyancer/solicitor arranges all the paperwork for your new property
- ERCs (early repayment charges) - you’ll only pay an ERC if you pay back your current mortgage before the introductory period ends in order to switch to a new product
- Home Insurance - all lenders require that you take out home insurance on your new property when you move house. You may also want to consider contents insurance
- Broker Fee - it’s normal for brokers to charge a fee for arranging your moving house mortgage. This should always be discussed with you during your first call with your adviser
- Removal fees - unless you’re moving all your belongings and furniture yourself, you’ll likely want a removal company. We can help you organise removals with our Concierge Service
- Product fee - if you’re porting your mortgage and borrowing a larger amount, your lender may charge a product fee
- Lender’s arrangement fee - this covers the cost of organising your mortgage. It can be a flat fee or a percentage
- Booking fees - a booking fee is a one-off application fee you pay to reserve your mortgage rate while your request is processed
Stamp Duty Calculator
Here you can use our Stamp Duty calculator to work out how much Stamp Duty Land Tax you’ll pay when purchasing a new property.
Stamp Duty Land Tax
Here you’ll find everything you need to know about Stamp Duty: what it is, who pays it, exemptions and relief, the rates at which you pay it and more.
Types of House Surveys
On this page we explain the different types of house survey – including valuations, homebuyer’s reports and full structural surveys.
Early Repayment Charges
If you try to pay off your existing mortgage before your deal ends, you could face ERCs. Learn about early repayment charges here.
Insurance Hub
See our insurance hub for resources relating to life insurance, mortgage protection, critical illness cover, building insurance and more.
Protection Hub
Find information on the different kinds of mortgage protection policies and how they can help you and your family, as well as helpful resources.
Home Insurance
John Charcol’s expert team of home insurance brokers can help you protect the structure and contents of your home against a wide range of risks.
Conveyancing
Together with our partner ConveyNext, we can refer you to an experienced conveyancer that suits your circumstances, budget and timeline.
Moving House Mortgage FAQs
Do You Need a Deposit When Moving Home?
You need a deposit when you move home whether you’re taking out a new mortgage on the new property or porting your existing mortgage. You put down a cash deposit at the exchange of contracts. If your deposit is coming from the sale of your current property, it will be transferred at completion.
Do You Have to Pay a Deposit When Porting a Mortgage?
You still pay a deposit when you port a mortgage. Typically, the deposit would come from any equity you’ve built up in your existing property.
Can I Move House with a Fixed Mortgage?
If you have a great fixed mortgage rate you don’t want to lose, you can ask your lender whether your mortgage is portable. If it’s not, you may be able to switch to a new product and find the best fixed rate mortgage with a different lender.
How Do I Downsize My Mortgage?
You can sometimes downsize your mortgage when you move home if you take out a mortgage for a property that’s worth less than your current property. It’s important to note that any ERCs (early repayment charges) on your existing mortgage will still be charged on the amount of your existing mortgage that you repay whilst downsizing.
How Will Moving Home Affect My Insurance and Protection Requirements?
If you move home you’ll have new home insurance requirements. We can help you find the most suitable deal for your new home and can also help you organise life insurance and other types of protection.
Can I Get a Mortgage on a Home if I’m Over 60?
There are later life lending options if you want to move home but are past the typical mortgage age limit. See what our expert has to say about mortgages for people over 50 and 60.
Should I Get a 5, 10 or 20 Year Mortgage?
There are a few different factors that determine which mortgage term you should choose.
These include:
- Why you’re moving
- How long you plan to live in your new property
- What you can afford in monthly repayments
- The amount you want to borrow
- When you're looking to retire
- Any expected future financial changes to your expenditure or income
Your adviser will guide you through the options and find you the mortgage that best suits your current and future needs.
How Long Does It Take to Switch to a New Mortgage Deal When Moving Home?
It typically takes 4 - 8 weeks for the switch to take place but it can take longer if there are complications. You should speak to a mortgage broker when you first start thinking about moving to help ensure the switch goes smoothly.
How Do We Move Houses When a Mortgage Is Not Paid Off?
If you've still got a mortgage to pay off, you will have 2 options when looking at moving house. You can either port your current mortgage to the new property, which lets you stay with your current lender, or you can look at getting a new mortgage. Getting a new mortgage can help save you money as you may be able to find a better rate. If you want to switch to a new deal but haven’t reached the end of your introductory rate period, you may face some ERCs. Speak to a mortgage broker about which option is the most cost-effective for your circumstances.
Do I Need a Mortgage Adviser to Move House?
Not everyone has to use a mortgage broker when moving house, as high street lenders can deal directly with applicants. Nonetheless, going straight to a lender will narrow down your options and risk you losing out on a better deal.
Therefore it's always advisable to contact an experienced mortgage broker when you're looking at moving house and making a mortgage move. A broker will be able to help you find the best mortgage offer for your situation, which can save you money. Plus, it means you won't have to handle the stress of finding a new mortgage offer on your own.