Moving home when you already have a mortgage adds extra complexity. You’re not just buying — you’re potentially selling, porting, remortgaging, and coordinating chains. Getting the mortgage side right makes everything else smoother.
We guide clients through this regularly. Here’s what you need to know.
Your Options
Porting your mortgage means transferring your existing deal to the new property. If you’re on a good fixed rate, this can save you early repayment charges (ERCs). Not all mortgages are portable, and even portable ones are subject to the lender re-assessing your affordability and the new property’s suitability.
Remortgaging means taking a new mortgage altogether. This makes sense if your current rate isn’t competitive, if your circumstances have changed, or if you need to borrow more than your current lender will allow.
A combination is sometimes possible — porting part and taking additional borrowing on different terms.
How the Numbers Work
If you’re upsizing, you’ll typically need to borrow more. The additional borrowing needs to be affordable based on current lending criteria, which may have changed since your original mortgage.
If you’re downsizing, you may be able to reduce your mortgage significantly — or even become mortgage-free. This is a great position to be in but still needs careful planning around any ERCs and product timing.
We work through the numbers with you before you commit to anything. Knowing your budget accurately means you can house-hunt with confidence and make decisions quickly when the right property appears.
Timing and Coordination
The biggest stress in moving home is usually timing. Sale and purchase chains, solicitors, surveys, mortgage offers — everything needs to align.
Getting your mortgage agreed early removes one of the biggest uncertainties. We typically recommend starting the mortgage process as soon as you decide to move, not when you’ve found a property. An AIP in hand means you’re ready to act when the right place comes up.
Costs to Factor In
Moving home comes with costs beyond the deposit difference. Early repayment charges on your existing mortgage (if applicable), product fees on the new mortgage, valuation fees, solicitor fees, stamp duty, removal costs, and potentially higher monthly payments all need budgeting.
We help you map out the full cost so there are no surprises. Get in touch to start planning your move.
