Moving Home Mortgages

Essentially there are three moving home mortgage options:

1. Move your current mortgage to a new property (Also called ‘porting’)
   This is where you are moving to a new property and wish to move your current mortgage to this new home – this is called ‘porting’ and not all mortgages are ‘portable’. You will need to check with your existing mortgage provider to see if it is portable – if it is not then you will have to obtain a new mortgage when you move home, either from your current provider (see point 2 below) or a new lender (see point 3).
2. Take out a new mortgage with your current borrower to replace your current one
   As in point 1 above, this is often done if your existing provider has a better deal which you wish to move onto. You will move home but have a new mortgage deal with your current provider.
3. Take out a new mortgage with a different lender
   Finally, you could also choose a mortgage provided by a different lender. Again, this is useful if you can get a better deal or your existing provider doesn’t have a suitable product.

If your current mortgage is not portable– you may incur exit fees and/or early repayment charges to leave your old mortgage. Some lenders may choose to waive these if you are simply moving to a new mortgage with them, but this is discretionary and not all lenders will offer this.

A moving home mortgage is used when someone has an existing mortgage but wants to move to a new property. If your existing mortgage is ‘portable’ then it can be transferred to your new property (as long as the amount you need to borrow hasn’t changed).

A moving home mortgage is needed if your current home loan is not portable or you need to borrow more than your existing mortgage to buy the new property. In both instances you have a choice between obtaining a new mortgage from your existing lender or looking elsewhere, perhaps for a better deal.

It should be noted that there might well be exit fees and/or early repayment fees payable if you leave your current mortgage before the term ends (such as during a fixed rate or discounted rate period) or if these are specified in your original agreement. Existing lenders may or may not waive these fees if you take out a new mortgage with them – different lenders will have different criteria and you’ll need to do your homework in advance to avoid any nasty and unexpected fees.

A remortgage is for someone who is not moving home but who is interested in moving to a new mortgage deal. This can be because the homeowner has come to the end of a special deal (such as when a discount or fixed rate period ends) or simply because interest rates have gone down and the borrower wants to take advantage for lower monthly repayments.

If your current mortgage is not portable, then you will have to consider a new mortgage for your new property - with your current lender or a new one. Obviously, there are a lot of factors which will influence this – not least being your monthly repayments and obtaining a deal which you are comfortable with. Just as with first time buyer and remortgages there are mortgage deals out there with a rate which is either fixed or discounted for a certain period.

Our comparison charts will show you a whole of market view on two, three, five and 10 year fixed rate moving home mortgages, as well as discounted variable deals.

If you are moving into a property of unusual construction or moving abroad, you won’t be able to do this under a standard mortgage.

When it comes to a home with an unusual build type (such as a listed building, thatched residence or a converted windmill,) you might run into trouble with porting your existing mortgage across. The vast majority of mortgages are arranged on the basis of a standard construction (i.e. brick walls and a tiled roof). Homes which are not built in this way may require you to get a non-standard mortgage from a specialist provider. To find out more take a look at our helpful Mortgages for a property of unusual construction guide.

Common residential mortgages are only arranged on properties here in the UK. If you are buying abroad, you’ll need to obtain a mortgage from a provider in the country you’ll be moving to For further information on buying a property overseas see our guide to overseas mortgages.

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.