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 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.
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)
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.
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.
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.
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.
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.
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.
Should you use a mortgage broker when moving home?
Moving home can be exciting, but it also comes with big financial decisions, and one of the most important is how you’ll manage your mortgage. Whether you’re upgrading, downsizing, or relocating, deciding whether to use a mortgage broker can make a real difference to how smoothly the process goes.
What Does a Mortgage Broker Do When You’re Moving Home?
A mortgage broker acts as your personal guide through the mortgage process. They assess your finances, understand your goals, and find the most suitable mortgage deal available from across the market, not just from one bank or lender.
When you’re moving home, a broker will:
Review your current mortgage to see if you can port it to your new property
Compare new mortgage deals to check if switching lenders could save you money
Explain potential fees or early repayment charges so you can budget accurately
Manage the paperwork and liaise with lenders to keep the process stress-free
Benefits of Using a Mortgage Broker When Moving
- Access to more deals
Banks can only offer their own products. A whole-of-market broker searches across many lenders, including smaller and specialist ones, to find options you might not find on your own. - Honest, tailored advice
Every move is unique. Whether you’re buying a bigger home, downsizing, or relocating for work, a broker ensures your new mortgage fits your changing needs and affordability. - Saves time and stress
Instead of contacting multiple lenders, your broker handles the legwork, comparing rates, handling documents, and keeping you informed at every stage. - Help with complex situations
If you’re self-employed, have multiple income sources, or own several properties, a broker can connect you with lenders who are more comfortable with non-standard cases. - Support from start to finish
From securing an Agreement in Principle to completion, your broker stays in touch, helping with questions, valuations, and timelines.
When Might You Not Need a Broker?
If your existing lender offers a highly competitive porting option and your circumstances haven’t changed, you could handle the switch directly. However, it’s still worth checking with a broker to make sure you’re not missing out on a better deal elsewhere.
How Connect Experts Can Help
At Connect Experts, we make it simple to find a qualified mortgage adviser who specialises in helping movers.
You can filter by location, language, and expertise to connect with an adviser who understands your situation and speaks your language — making your next move that little bit easier.
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AQ: Moving Home Guide
| Question | Answer |
|---|---|
| What is a moving home mortgage? | A moving home mortgage lets you transfer or take out a new mortgage when you sell your current property and buy another. It can involve porting your existing deal or arranging a completely new loan with updated terms. |
| Can I keep my current mortgage when moving home? | Many lenders allow you to port your existing mortgage to your new property. Your adviser can help check whether porting your deal is the best option or if switching lenders could save you money. |
| How much deposit do I need when moving home? | Most movers need at least 10% of the property’s value, though it can vary depending on your equity and lender criteria. A mortgage adviser can review your finances to find the right deposit level for your next move. |
| Will I pay early repayment charges? | If you’re leaving a fixed-rate deal early, you might face early repayment charges. Your adviser will explain these costs and help you decide whether porting or switching lenders makes financial sense. |
| Do I need a new mortgage if my property value changes? | Yes. When moving home, lenders re-assess your borrowing needs based on the new property value, your income, and any equity released from your current home. |
| How long does it take to arrange a new mortgage when moving? | The process usually takes 4–8 weeks, depending on lender timescales and valuations. An experienced mortgage adviser can speed things up by managing the application on your behalf. |
| What happens if my new home costs more than my current one? | You may need to borrow more, known as a top-up mortgage. Your adviser will help you calculate affordability and find the best deal for the extra borrowing amount. |
| Can I move home if my current mortgage is in negative equity? | It’s challenging but possible in some cases. Specialist lenders may allow negative equity moves with strict conditions, such as a higher interest rate or additional security. |
| What documents will I need for my moving home mortgage? | You’ll need proof of income, ID, bank statements, and details of your current mortgage. Your adviser will guide you through every document needed to make the process smooth. |
| How can Connect Experts help with moving home mortgages? | Connect Experts matches you with qualified, FCA-authorised mortgage advisers who specialise in helping movers. You’ll receive tailored advice to make your transition from one home to the next as seamless as possible. |