Home mover mortgages

If you already own a property and are planning your next move, the mortgage side of the process is just as important as finding the right home. You may be able to port your current deal, apply for a new mortgage, borrow more to move up the ladder, or reduce borrowing if you are downsizing.

The right route depends on your current mortgage, the amount of equity you have, the property you want to buy, and whether your circumstances have changed since you last applied.

How moving home with a mortgage usually works

Most home movers follow a similar pattern:

1. Sell their current property
2. Repay the existing mortgage from the sale proceeds
3. Use any remaining equity as deposit for the next purchase
4. Arrange the mortgage needed for the new home

The main question is whether you should keep your current mortgage deal by porting it, or replace it with a new mortgage.

Option 1: Port your existing mortgage

Porting means transferring your current mortgage deal to your new property, subject to lender approval.

Porting can be attractive if:

• your current rate is better than deals now available
• you want to avoid changing your mortgage unnecessarily
• redeeming the mortgage early could trigger charges

However, porting is not automatic. Lenders will usually still check:

• affordability based on your current income and outgoings
• the suitability and value of the new property
• whether you need to borrow more or less than your current balance
• whether any part of the mortgage cannot be transferred on the same terms

If you need extra borrowing, that additional amount may be on a separate product with different pricing.

Option 2: Apply for a new mortgage

If porting is not available or no longer makes sense, you can apply for a new mortgage for the home you are buying.

This is often the right route when:

• your current deal is no longer competitive
• you want a different lender or mortgage structure
• your borrowing needs have changed significantly
• the new property does not fit your current lender’s criteria

A new application will usually involve a fresh affordability assessment, credit checks, and a valuation of the property.

Borrowing more or less when you move

Moving to a more expensive home

If you are upsizing, you may need to borrow more. That can be done by:

• porting your current mortgage and adding a top-up loan
• switching lender and taking one new mortgage for the full amount needed

Lenders will look closely at affordability, deposit size and the resulting loan-to-value (LTV).

Moving to a cheaper home

If you are downsizing, you may be able to reduce your mortgage balance using equity from the sale. Even then, it is worth checking whether reducing the balance affects porting terms or charges.

Using equity from your current home

For many home movers, the deposit for the next property comes from equity built up in the current home.

Your available equity depends on:

• your sale price
• your remaining mortgage balance
• selling costs and other moving costs

If the sale achieves less than expected, it can reduce the deposit available for the next purchase and change the mortgage options open to you.

Costs to plan for

Moving home usually involves more than just the mortgage payment. Common costs include:

• conveyancing fees
• Stamp Duty Land Tax, depending on the property and your circumstances
• valuation and lender fees
• Land Registry fees
• estate agent fees on the sale, where applicable
• a contingency fund for delays or unexpected costs

Timing matters

Mortgage timing can affect the whole move, especially if you are in a chain.

Common delay points include:

• document gathering and affordability checks
• underwriting questions
• property valuation or survey issues
• coordinating sale and purchase completion dates

If you are porting, it is also important to understand any deadlines or process requirements your current lender applies.

What to prepare before you start viewing seriously

It helps to understand:

• how much equity you are likely to have after redeeming your mortgage
• how much deposit that gives you for the next property
• whether your current lender allows porting
• whether changes to income, employment or credit profile could affect affordability
• what your full moving budget looks like, not just your mortgage payment

Help for home movers

If you are not sure whether to port, switch lender, borrow more or restructure your mortgage, getting advice early can help you avoid delays and understand the full cost of the move.

Explore more home mover content

• Home mover guides
• Home mover case studies
• Home mover FAQ
• Home mover news

This page is for general information only and does not constitute financial advice. Mortgage availability and suitability depend on your circumstances and lender criteria. Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.