Moving House Mortgage Advice

Moving home is a really exciting time. There are a lot of fun parts you get to enjoy – such as viewing houses, exploring local areas, choosing new furnishings – but these are sometimes overshadowed by the more stressful parts, like arranging a mortgage.

It’s a life changing decision so it’s important to get the right mortgage whether you’re downsizing or upsizing and moving into your dream home. Even if you’ve already experienced the moving and mortgage process when applying for a first-time buyer mortgage, the added stress of selling your existing home can make the process more complicated. Don’t worry though - we’re here to make it as easy as possible.

John Charcol is an independent mortgage broker with access to the whole of the market. We not only provide mortgage advice for moving home, we manage your entire property-buying journey so you can enjoy this experience - like you’re supposed to.

Keep reading for information on the mortgage options available to you and how our experts can help you, or see our moving house guide for a detailed walkthrough of how it all works, tips on buying a new home and our moving house checklist.

Have a more specific question you need answered? Ask our mortgage experts.

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Changing to a New Mortgage VS Porting Your Existing One

When you move from a home you already have a mortgage on to a new property, you typically either take out a new mortgage with a new lender or take your existing mortgage with you to your new home via “porting”.

OPTIONS FOR MOVING A MORTGAGE TO A NEW HOUSE

When you move a mortgage to a new house, you “port” it. Porting simply means you transfer your existing mortgage from your existing 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 as you’ll have to reapply for the mortgage with the lender and 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.

Learn more about porting your mortgage when moving house in our moving house guide.

SWITCHING TO A NEW MORTGAGE WHEN MOVING HOUSE

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 brand new product is taken out on the new one. This also happens at completion. Learn about managing the property chain in our guide. 

See what’s currently on the market with our free mortgage comparison calculator.

Want to Renovate Instead of Move?

Want to improve your current home rather than move to a new one? Compare remortgage deals now.

How Can John Charcol Help You Move?

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With over 45 years of service, we've seen it all. We can save you money, time and make buying your property easy.

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We work around your schedule to help you arrange a mortgage that suits your circumstances, no matter how complex.

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Our Moving House Mortgage Process

1. First Conversation with Adviser

When you phone us, you can either arrange a phone appointment with your adviser, a video call or a face-to-face meeting – whatever suits you. Your adviser will ask you some questions then go away and search mortgage deals to find you the best one for your circumstances and future needs. They’ll organise a follow up during which they’ll present you with what they’ve found.

2. Decision in Principle

Once you’re happy with your adviser’s recommendation, they’ll go about securing your DIP (Decision in Principle) - which is basically a promise from the lender that they’ll loan you money on the condition that the information you’ve provided is correct and subject to a valuation of the property.

3. Offer on Property

After you’ve secured a DIP (Decision in Principle), you’ll be in a great position to make an offer on a property. Sellers like DIPs. They show you can afford the purchase. What’s more, the fact that you’ve already started preparing for the transaction highlights to them that you’re serious in your intention to buy.

4. Pre-Application and Submission

Following the acceptance of your offer, we’ll send you some information which explains all the documents we need to submit to the lender. You’ll be assigned a client relationship manager who’ll check and submit certified copies of your documents; they’ll liaise with both you and the lender. Your adviser will then submit the fully packaged mortgage application.

5. Lender Underwriting and Valuation

The lender will underwrite your application; this basically means they’ll verify that the information you’ve provided is correct and review all your documents for themselves. They’ll also instruct a valuation for their purposes on the property you want to buy to make sure there are no significant problems with it.

6. Mortgage Offer

If the lender is happy with everything they’ve found, they’ll send you a mortgage offer. They’ll also send us a copy.

7. Conveyancing

After you’ve accepted your mortgage offer, you’ll go through the legal part of the process, known as conveyancing. This is where the solicitors/conveyancers draw up contracts and organise the actual, legal purchase of the property. You’ll also need to arrange buildings insurance at this stage, making sure it’s in place from exchange.

8. Exchange and Completion

Once everything is in place, your conveyancer/solicitor will exchange contracts with the seller’s conveyancer/solicitor. If your deposit is coming from savings or a gift, then it’s at this point that you put the deposit down and are legally bound to the property. You’ll lose your deposit if you pull out after exchange. If your deposit is coming from the sale of your current property, then it’s transferred at completion as part of the whole purchase. The purchase completes when the money is transferred on an agreed-upon date. This is when you get the keys to your new home.

JC Legal

Not only do we arrange your mortgage, we can find you a conveyancer from our select panel. Our recommendation will be based on your situation and timeframe to ensure your move goes according to plan. 

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Concierge

With our Concierge Service, we can help you move into your new home, set up utilities, register for Council Tax and more. There’s no arrangement fee and you could save up to 8 hours of hassle.

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Home Insurance

You’ll need buildings insurance for your new property. We’re partners with Legal and General, so we can find you suitable buildings and contents insurance.

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Protection

Our inhouse team can also arrange protection insurance for you. What’s more, we don’t charge an arrangement fee.

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What Our Customers Think

What our customers say

John Charcol

John Charcol0330 057 5173£

Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU

Excellent

90%

2051 Total reviews

4.85 Average rating

  • 5

    Great service and advice, the specialist team Harry and Emily talked me through a range of options before we decided on the best approach for bridging finance. They really know their market and are extremely client- responsive. SC

    Posted
  • 5

    Finally in our forever home thanks to the first class service provided by Jordan Tomlinson and John Charcoal. A complicated expat mortgage with many other brokers turning us down at the first phone call. Jordan took her time to understand our personal circumstances and offered much needed reassurance and support throughout every step of the way. Forever grateful!!

    Posted
  • 5

    Kevin Lachasseigne and Fiona Allan were amazing. My mortgage journey was challenging as the owner had made changes in the property without having building regulations certificate and the mortgage was initially declined. The estate agent was not helpful so I had to work with the owner directly to get this done. To make things worse, the lender was giving us conflicting instructions every day, delaying the process to the extend that the owner put the house back in the market. Fiona and Kevin escalated the matter with a formal complaint, going the extra mile liaising with the senior team of the lender, while trying to reassure the estate agent. We finally got the mortgage approved 6 months later. Everyone thought that this was a lost case at some point, but it was our determination, the hard work and resilience of Fiona and Kevin who made this happen. It was very stressful for all of us, but I can imagine how draining is to go through this for every client. I really can’t thank them enough for all the efforts and care during this journey that got me finally in my first home!

    Posted
  • 5

    Excellent support from Shaahid Quinn and Katherine Hollyoake. My mortgage setup wasn't easy as i was overseas for the majority of the time and they made the process as easy as possible and secured a product that I'm very happy with, well worth the cost.

    Posted
  • 5

    Bruce Anderson, our long-standing mortgage adviser, was able to expedite two mortgage renewals both of which were completely without hassle, even in this ever-changing market. It speaks volumes about having an adviser who knows and understands his clients.

    Posted
  • 5

    We were delighted with the advice we received from Randeep. The remortgage process on the flat was straightforward and we completed as planned. Thank you Randeep and the team at John Charcol.

    Posted
  • 5

    John Charcol have been amazing, they have the specialest knowledge, expertise and infrastructure to make the purchase of your dream property possible. My deal was complex and challenging, yet JC presented it in a simple way that made perfect sense. They provided support through the whole of the process and communicated with all parties quickly and efficiently. I can't recommend enough anyone considering John Charcoal to assist in a property purchase. There is a reason they one of the best mortgage brokers in the UK. wishing my best to all the team at John Charcol.

    Posted
  • 5

    You guys are great! Thank you Perfect Agent for connecting us!

    Posted
  • 5

    Thanks to Jordan and Holly for tirelessly progressing my mortgage. Exceeded my expectations by some way.

    Posted
  • 5

    The team at John Charcol are just brilliant Emily Gould and Tiara Hardy go beyond the extra mile . They do what it takes to get everything across the line . I would highly recommend them both Phenomenal service and support Thank you Tiara Emily and the team

    Posted

What Are the Mortgage Costs When Moving House?

We’ve listed some of the costs you might face when taking out a mortgage loan and moving house, below.

Stamp Duty

You pay Stamp Duty when you buy a property or piece of land over a certain value in the UK. Find out how much you’ll pay with our Stamp Duty calculator.

Mortgage Valuation

When a lender’s considering your application, they’ll arrange a mortgage valuation on the property you want to buy. It’s a way for the lender to make sure the property is worth the minimum amount you want to borrow and is suitable security for a mortgage. There are a few different types of house surveys you can arrange if you require more information about any future work the property might potentially need or details about the structural integrity of the property.

Conveyancing/Solicitors’ Fees

After you accept your mortgage offer, your solicitor arranges all the paperwork for your new property. Talk to your solicitor to find out how much they charge. Alternatively, we can help you find a conveyancer with John Charcol Legal.

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 mortgage. This should always be discussed with you during your first call or meeting 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 free mortgage concierge service.

Product Fee

If you’re porting your mortgage and borrowing a larger amount, your lender may charge a product fee.

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.

Lender’s Arrangement Fee

The lender’s arrangement fee covers the costs of organising your mortgage. It can be a flat fee or a percentage. Your lender will tell you how much you’ll pay in arrangement fees.

Booking Fees

A booking fee is a one-off application fee you pay to book and reserve the rate for the mortgage while your request is processed.

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 as there are no 100% mortgage products on the market anymore. Therefore, you need a deposit to add to the mortgage to make up the full purchase price of the property; often the deposit will come from the proceeds of the sale of your current property, but you can also use savings or an inheritance.

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 – and possibly with the best fixed rate mortgage product 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 actually 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. 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 are looking to retire
  • Any expected future financial changes (expenditures or incomes)

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 can take longer if there are complications.

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