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Moving home mortgages explained

Moving home doesn't mean you have to change your mortgage, but it's worth comparing to see if there are better deals available from your current lender or other providers, especially if you're on a standard variable rate or your current deal is coming to an end. If you've built up equity in your current home, you may also find that you can get a bigger mortgage for a more expensive property. View today's best rates below. 

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Disclaimer

Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing.

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Moving home mortgages explained

Leanne Macardle

Leanne Macardle

Editor

At a glance

  • Here are three moving home mortgage options: 1) Move your current mortgage to your new property – this is known as 'porting' 2) Take out a new mortgage deal with your existing lender to replace your current one 3) Take out a new mortgage deal with a different lender.
  • Not all mortgages are portable, so check with your lender if your current deal is and find out what fees are involved in this.
  • You may need to pay early repayment charges if you move to a new mortgage deal.
  • Just like with your first mortgage, you'll need to go through an application process that will involve affordability and credit checks.

Pros and cons of moving home mortgages

  • Potential for better deals. If it's been some time since you took out your first mortgage, you may find there are better deals available to you now, especially as you're likely to have a larger deposit.
  • You may be able to borrow more. You can apply to increase your existing mortgage or borrow extra money via a further advance or second mortgage.
  • Convenience of moving home mortgage – moving is a stressful process so being able to port your mortgage may be more convenient than switching your mortgage.
  • Considerable fees. From valuations to stamp duty, legal fees to early repayment charges, the mortgage fees involved in moving home can be considerable, and complex to compare.
  • Change in circumstances? If your financial circumstances have changed, you might find it harder to get approved for the same mortgage now.

Moneyfacts tip

Moneyfacts tip Leanne Macardle

If you're considering a new mortgage when moving home, remember to check if your existing mortgage can be ported. If you are going to switch your mortgage, check for any early repayment fees.

Mortgage calculator

Our mortgage calculator helps you to see how much your mortgage might cost you each month.

Our how much can I borrow calculator gives you a range of how much a lender might consider lending you under a mortgage. This calculation is only an indication only.

Read our How much can I borrow for a mortgage guide to find out more about what can impact your potential sum of borrowing.

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