Moving Home Mortgages
Moving Home Mortgages Made Easy with Connect Mortgages. Don’t let the thought of moving home and changing your mortgage overwhelm you. Whether you're upsizing, downsizing, or relocating for work, Connect Mortgages is here to make the transition smooth and financially smart. We offer tailored moving home mortgage advice to help you find the most suitable product for your new circumstances and ensure you're not paying more than you need to.
What Is a Moving Home Mortgage?
A moving home mortgage typically means transferring or “porting” your existing mortgage to your new property. This allows you to retain your current interest rate and terms, helping you avoid Early Repayment Charges (ERCs) and maintain continuity. However, your lender must approve the transfer, and if you need to borrow more, the additional funds may come with a different rate or require a new product.
Alternatively, you may choose to take out a new mortgage for your next home, especially if your existing deal isn’t portable or if better interest rates are now available.
When you move home, there are two main options available when it comes to your mortgage:
- You can transfer, or ‘port’, your mortgage to a new home. This can be a smart move, especially if you’re currently benefiting from a low-interest-rate deal.
- You can refinance your existing mortgage and take out a new one. This could be the case if you’re moving to a significantly more expensive property or if you want to secure a better mortgage deal.
Porting Your Mortgage (Transferring to a New Property)
What It Means:
Porting allows you to transfer your existing mortgage deal, including your interest rate and terms, to a new property while staying with your current lender.
Key Benefits:
- Avoids early repayment charges (ERCs)
- Lets you keep a favourable fixed or tracker rate
How It Works:
Your lender will treat this as a new application, reassessing the property’s value and your affordability. If the new home costs more, you may need a top-up mortgage, typically offered at the lender’s current rates.
When Porting Makes Sense:
- You’re locked into a competitive rate
- Current interest rates are higher than your existing deal
- You want to avoid early repayment penalties
Getting a New Mortgage (Settling the Old One)
What It Means:
You repay your current mortgage in full and apply for a brand-new deal for your next property, possibly with a different lender.
Key Benefits:
- Access to the full market and potentially lower rates
- Flexibility to choose a product that better fits your new goals
What to Consider:
You may incur ERCs on your existing mortgage and fees for setting up the new one. However, if current rates are much lower, the long-term savings could outweigh the initial costs.
- Portability: Check if your specific mortgage product allows porting.
- Lender approval: You still need to pass affordability and credit checks for the new home.
- Costs: Account for valuations, legal fees, and potential ERCs.
- Top-up: If you borrow more, that extra amount will be a new mortgage product, likely at a different rate.
What Fees Should I Expect with a Moving Home Mortgage?
If you choose not to port your existing mortgage and instead take out a new one, be prepared for some additional costs. Common moving home mortgage fees may include:
Early repayment charges
Mortgage exit fees
Arrangement or product fees
Booking fees
Property valuation fees
Broker fees (where applicable)
You should also account for legal and conveyancing costs in your total moving expenses. Understanding these fees upfront can help you make the most informed, cost-effective decision when selecting your next mortgage.
Researching New Lenders and Products
When moving home, it’s the perfect time to reassess your mortgage options. While porting your current mortgage might seem convenient, it’s not always the most cost-effective path. Researching new lenders and mortgage products could save you thousands over the life of your loan.
Why Consider New Lenders?
Each lender has unique criteria, interest rates, and incentives. By exploring your options, you may find:
Lower interest rates than your current deal
Flexible lending criteria (ideal if your circumstances have changed)
Cashback offers or fee-free products
Products better suited for self-employed borrowers or those with credit challenges
At Connect Mortgages, we work with over 200 lenders and providers, including high street banks, specialist lenders, and building societies. This gives you access to products that aren’t always available directly to the public.
Use Our Mortgage Adviser Directory to Find Trusted Support
Our mortgage adviser directory helps you connect with fully qualified brokers across the UK who specialise in various types of mortgages, from residential to buy-to-let and everything in between. It’s a simple tool to help you locate an adviser near you or one with expertise in your specific needs.
Speaking with a mortgage adviser ensures you receive personalised guidance on the right mortgage product for your situation. This expert support can save you time, money, and prevent costly mistakes later in the process.
How Does a Mortgage Work When You Move Home?
When you move home, your existing mortgage doesn’t automatically follow you. Depending on your lender, financial situation, and future plans, you’ll typically choose between porting your current mortgage or applying for a new mortgage for your next home.
Let’s break down how each option works:
Porting Your Current Mortgage
Porting means transferring your existing mortgage to your new property, including its interest rate and terms. Most lenders allow this, but approval isn’t automatic.
- You may need to reapply with full affordability checks
- Early repayment charges (ERCs) might still apply if you change the mortgage size
- You might need to top up your mortgage if the new home is more expensive, which could be at a different interest rate
👉 Learn more in our Remortgage page.
Getting a New Mortgage Deal
If porting isn’t the right fit, you can apply for a new mortgage with your current lender or a new one. This is often the best option if:
You want to secure a lower interest rate
You need a larger loan than your current mortgage allows
You’re switching to a new type of mortgage product (e.g. from fixed to tracker)
Key Considerations When Moving Home
Affordability will be reassessed, even if you stay with your current lender
Your loan-to-value (LTV) ratio may change depending on the new property’s price
Mortgage fees (valuation, legal, product) might apply when switching
Chain complexity and timings can affect approval and completion dates
For personalised advice, contact our expert mortgage brokers. We’ll walk you through every step from paperwork to property handover.
Moving Home Doesn’t Have to Mean Mortgage Stress
Whether you’re keeping your current deal or finding a new one, Connect Mortgages makes the process simple. Our team helps you understand your options, avoid unnecessary fees, and move forward with clarity and confidence.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage Advice..
Thinking of getting a mortgage? Our experienced team of skilled mortgage advisers are here to offer the essential guidance you require. Relying on our comprehensive understanding of the mortgage market, we’ll ensure you secure the perfect mortgage to suit your specific situation.
Can’t Sell Your Home Yet? We Can Still Help
If you’re planning to move but haven’t sold your current home, don’t worry, we may still have a solution. Many lenders offer a ‘consent to let’ option, allowing you to rent out your existing home temporarily. The rental income you earn could help cover your current mortgage payments.
However, when applying for a new mortgage, lenders will assess your overall affordability. This includes the payments for both your current and future mortgages. In most cases, rental income will only be considered if the property has already been let for some time and supported by evidence such as tax returns or tenancy agreements.
Need Help Raising a Deposit?
If saving for a deposit is proving difficult, a ‘let to buy’ mortgage could be an option. This involves switching your current residential mortgage to a buy-to-let loan, renting out the property, and using the released equity to fund the deposit on your new home.
Specialist lenders are available who understand and support this type of arrangement. In this setup:
Your current property becomes a rental investment (with a buy-to-let mortgage)
You unlock equity to use as a deposit
Your new home is purchased with a standard residential mortgage
Let-to-buy can be an effective way to move forward without needing to sell immediately.
Prefer to Stay Put? Consider Extending Instead
If your main reason for moving is space, consider whether your current property could be adapted. Adding an extension might be more practical and cost-effective than relocating.
To finance the build, you could apply for a further advance or additional borrowing from your existing lender. As with any mortgage adjustment, your affordability will be reassessed to ensure the increased monthly payments remain manageable.
FAQs: Moving Home
Most frequent questions and answers about moving home
Yes, it is possible to move your mortgage from one house to another. This process is known as a “portable” mortgage. You will need to qualify for the new loan, and you may incur additional fees or costs associated with the transfer. Your lender can provide more details on what is involved in transferring your mortgage to a different property.
Yes, you can move house on a fixed term mortgage. However, depending on your lender’s terms and conditions, there may be additional costs associated with transferring the mortgage to another property. You will also need to qualify for the new loan and ensure that all of your financial obligations are met in order for the transfer to take place.
Not necessarily. If you’re struggling to sell, some lenders may allow a ‘consent to let’ arrangement where you rent out your current home temporarily. You may also consider a let-to-buy mortgage, allowing you to let your existing property and use released equity as a deposit for your next home.
The typical deposit is 5% to 20% of the new property’s value, depending on the mortgage product and your credit profile. If you’re porting your mortgage or using equity from your current home, your deposit may come from the sale proceeds or a remortgage arrangement.
If you’re upsizing, you may need to borrow more, which could involve a top-up mortgage or switching to a new deal entirely. Your lender will assess your affordability based on both existing and new borrowing if you still own your previous property.
Yes. As a current homeowner, lenders view you as a home mover, not a first-time buyer. While many mortgage features are similar, you may have access to different rates, and your eligibility will depend on equity, existing commitments, and credit history.
Absolutely! In fact, using a broker can be especially helpful when moving. A broker like Connect Mortgages can compare deals from multiple lenders, assist with porting, and manage the paperwork all while ensuring you’re getting the best option for your situation.
Beyond your mortgage, plan for:
Stamp Duty (if applicable)
Estate agent fees (if selling)
Legal/conveyancing costs
Survey and valuation fees
Moving company expenses
Your adviser will help estimate total costs and ensure you’re financially prepared.
What next?
We will come back to you quickly to let you know how we can help. If you would like to speak to us immediately, call us on 01708 676 111.
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Liz Syms is the CEO and Founder of Connect Mortgages, a specialist in finance for property investment. With over 25 years of experience in mortgages and financial services, Liz has helped countless people get their dream homes and investment properties. She is passionate about giving her clients the best advice possible when it comes to financial decisions relating to mortgages and protection and is dedicated to providing the highest quality of service. With her wealth of knowledge in the industry, Liz is a respected leader in mortgages and financial services and has grown her team to over 300 advisers nationally. She strives to make Connect Mortgages one of the most successful companies in its field.
About the Author
Liz Syms is the CEO and Founder of Connect Mortgages, a specialist in finance for property investment. With over 25 years of experience in mortgages and financial services, Liz has helped countless people get their dream homes and investment properties. She is passionate about giving her clients the best advice possible when it comes to financial decisions relating to mortgages and protection and is dedicated to providing the highest quality of service. With her wealth of knowledge in the industry, Liz is a respected leader in mortgages and financial services and has grown her team to over 300 advisers nationally. She strives to make Connect Mortgages one of the most successful companies in its field.