The Ultimate Moving Home Guide | Everything you need to know about getting a mortgage when moving home
Thinking of moving home? Here’s what you need to know about your mortgage. Whether you’re upsizing, downsizing, relocating for work, or just fancy a change, moving home is a big step — and your mortgage plays a crucial role in making it happen smoothly. This guide will walk you through everything you need to know, from porting your mortgage to understanding your affordability, fees, timescales and more.
1. What happens to your current mortgage when you move?
When you move home, you typically have two main mortgage options:
Port your existing mortgage
Most mortgages are portable, which means you can transfer your current mortgage deal to your new property. You’ll still need to reapply and go through affordability and credit checks — but if you’re still within a good fixed-rate deal, this can help you avoid early repayment charges.
Apply for a new mortgage
You might prefer to take out a brand-new mortgage — especially if:
You’re moving to a more expensive home and need to borrow more
You’re no longer tied to your current deal
Better interest rates are available
You want to switch mortgage type (e.g., from interest-only to repayment)
2. Porting a mortgage – how it works
If your mortgage is portable, here’s what the process usually involves:
Speak to your lender to confirm porting is possible.
Make a fresh application – your lender will reassess affordability, creditworthiness, and the property.
Pay any fees – you may still face admin or valuation fees.
Additional borrowing – if your new home costs more, your lender may offer a top-up mortgage (this could be on a different rate to your main loan).
Be mindful of time limits – some lenders require you to complete the porting within a set period after selling your old home.
Top tip: If you’ve had a change in circumstances (e.g., lower income, higher debts), you may not qualify to port, so it’s important to check early.
3. Can you afford to move? Understanding mortgage affordability
Lenders use affordability assessments to ensure you can manage repayments on your new mortgage. They’ll consider:
Your income (salary, bonuses, benefits, etc.)
Outgoings (bills, loans, childcare, subscriptions)
Debt-to-income ratio
Your credit score
Property value and deposit
💡 Don’t forget: If you’re upsizing, your monthly mortgage repayments may rise — so be sure to factor in all your new household expenses.
4. What fees and costs should you budget for?
Moving home comes with a range of costs, so it’s wise to be prepared. These can include:
| Cost Type | Estimated Amount (Varies by case) |
|---|---|
| Estate agent fees | 1–3% of sale price (if selling) |
| Stamp Duty | Varies – check latest HMRC rates |
| Mortgage arrangement fees | £0 – £2,000 (can sometimes be added to loan) |
| Valuation & survey fees | £250–£1,500 depending on property type |
| Conveyancing (legal) fees | £500–£1,500 |
| Removal costs | £300–£1,000+ |
| Early repayment charges (ERCs) | If leaving a deal early – can be significant |
📌 Stamp Duty Reminder: If you’re buying a home over £250,000, you’ll likely pay Stamp Duty. Use HMRC’s calculator to estimate the cost.
5. How much can you borrow when moving home?
The amount you can borrow will depend on:
Your income and financial commitments
Your credit history
The size of your deposit/equity
The value of the new property
Mortgage term and type of product
Equity advantage: If your current property has risen in value, you may have a larger deposit than when you first bought — giving you access to better mortgage rates.
6. How does your property equity affect your options?
Equity is the portion of your home you own outright (i.e., value minus what’s owed on your mortgage).
Example:
If your home is worth £300,000 and your outstanding mortgage is £200,000, you have £100,000 in equity.
When moving:
You can use your equity as a deposit on your next home.
If downsizing, you might reduce your mortgage or eliminate it entirely.
If upsizing, your equity might help you secure better rates or avoid higher LTV charges.
7. How long does the moving home mortgage process take?
The typical home-moving mortgage timeline looks like this:
| Stage | Approx. Timescale |
|---|---|
| Mortgage advice & DIP | 1–2 days |
| Property search | Varies |
| Offer accepted | Immediate |
| Full mortgage application | 1–3 days |
| Valuation & underwriting | 1–2 weeks |
| Mortgage offer issued | 2–4 weeks total |
| Exchange & completion | 4–12 weeks (avg) |
🏡 Remember: Chains, surveys, and legal issues can delay things — but a good adviser will keep everything moving smoothly.
8. Should you use a mortgage broker when moving home?
Absolutely. A good mortgage broker can:
Compare deals from across the market (not just your current lender)
Advise whether porting or switching is best
Help you understand affordability and avoid hidden costs
Support you through the application process
Speed up communication between lenders, solicitors, and agents
Using a whole-of-market broker can give you access to exclusive deals not available directly.
9. Moving home mortgage FAQs
❓Can I move home if I’m in a fixed-rate mortgage?
Yes, but check if you’ll pay early repayment charges. Porting your deal can help avoid these.
❓What happens if I’m downsizing?
You may be able to pay off your mortgage entirely or reduce your borrowing significantly.
❓Can I increase my mortgage when moving?
Yes — subject to affordability checks, you can usually apply to borrow more if your new home costs more.
❓Do I need to sell before I buy?
Not necessarily — but most buyers do. Some use bridging finance or let-to-buy if they want to keep their current property temporarily.
10. Next steps: Ready to explore your mortgage options?
Every mover’s situation is unique. Whether you’re selling your first home or upgrading to your dream house, the right mortgage advice can save you money, time, and stress.
Speak to a mortgage adviser to understand:
What you can borrow
Whether to port or switch
The best rates available
What costs to expect
How to streamline your move
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