Port the existing deal
A portable product may be considered for a new property, but the lender will normally reassess affordability, the property and the amount needed.
Home mover mortgages: port your existing deal
Moving home is about coordinating a sale and purchase while deciding what to do with your existing mortgage. You may be able to port it, borrow more, switch lender or repay some borrowing when downsizing.
What happens to your mortgage when you move house?
An existing mortgage does not simply transfer automatically to your next property. Depending on your mortgage conditions and circumstances, the main routes are to port the existing deal, take another product with the same lender, move to a new lender or repay the mortgage from the sale proceeds.
Arrange a new mortgage
A new lender may give you a wider choice, while a new application, valuation and legal process will be needed.
Can you take your existing mortgage with you?
This is different from a standard purchase: home-mover advice starts with the mortgage you already have and how it fits alongside the sale of your current home and purchase of the next one.
Porting a mortgage means applying to move an existing mortgage deal from one property to another. Even where a mortgage is described as portable, you may still need a new application and affordability assessment. The new property must meet the lender’s criteria, and portability does not guarantee approval.
If you need additional borrowing, the extra amount may be placed on a separate product or rate. The lender will explain how the two parts work together.
| Consideration | Port existing mortgage | New mortgage |
|---|---|---|
| Existing rate | May potentially be retained if the lender accepts the port. | New pricing applies to the new mortgage. |
| Affordability | Reassessment is likely. | A full assessment is required. |
| Additional borrowing | May use a separate product. | May be included where the application supports it. |
| Early repayment charges | May still be relevant if conditions are not met. | May be relevant when repaying the current mortgage. |
| Lender choice | Limited to the existing lender. | Potentially wider, subject to criteria. |
Moving to a more expensive home
Upsizing may require additional borrowing alongside your existing equity or a ported mortgage. A lender will assess the new total borrowing, income, committed expenditure, property value and resulting LTV. Higher borrowing can mean higher monthly payments and a greater total repayment.
Moving to a smaller or less expensive home
When downsizing, you may use part of the sale proceeds to reduce the mortgage, but you may still need to borrow and still need to meet lender requirements. Check whether repaying part or all of the current mortgage triggers an early repayment charge and how the new LTV could change.
How much equity can you use when moving?
A simplified estimate is shown below. If you are planning your next purchase, our deposit calculator can estimate how much of the price is not covered by the mortgage. You can also use our LTV calculator for an illustration.
Allow separately for estate agent, legal, moving and transaction costs. The final amount available can be different.
This example shows approximate equity before relevant sale and moving costs, not a guaranteed deposit.
Buying and selling at the same time
A property chain can make timing important. Mortgage offer periods, sale proceeds, valuation, exchange and completion all need to be coordinated with your conveyancer and lender. Keep your mortgage details up to date if your income, deposit or plans change.
What does moving house cost?
Possible costs include:
- Estate agent costs where applicable
- Conveyancing and searches
- Survey and valuation fees
- Mortgage or product fees
- Early repayment charges where applicable
- Property transaction tax and moving costs
Home mover mortgage process
Review your current mortgage
Check the balance, rate, end date and portability terms.
Check balance and charges
Ask for a redemption figure and early repayment details.
Estimate your equity
Allow for sale and moving costs.
Assess new borrowing
Consider the price difference and affordability.
Compare porting and new options
Look at total cost, terms and lender choice.
Obtain an AIP where appropriate
Use an indication to guide the search.
Market and find a property
Coordinate the sale and purchase.
Apply and complete
Progress valuation, underwriting and legal work.
Home mover mortgage FAQs
What happens to my mortgage when I move house?
Your existing mortgage does not transfer automatically. See our remortgage guidance when comparing porting with a new deal. You may be able to port it, take a new deal with the same lender, switch lender or repay it from the sale proceeds.
Can I take my mortgage with me?
Possibly, if the product is portable and the lender accepts the new application and property. Portability does not guarantee approval.
What does porting a mortgage mean?
Porting means applying to move an existing mortgage deal from one property to another. The lender will usually reassess affordability and the new property.
Does a portable mortgage guarantee I can move it?
No. You may still need a new application, valuation and affordability assessment, and the new property must meet the lender’s criteria.
Can I borrow more when porting my mortgage?
Additional borrowing may be possible, but it may use a separate product or rate and depends on affordability, LTV and lender criteria.
Can I change mortgage lender when I move?
You may be able to apply to a different lender. Compare the new rate and total costs with porting and check any early repayment charge.
Should I port or get a new mortgage?
Neither route is universally better. Compare the existing rate, new borrowing, fees, early repayment charges, lender choice and timing.
What happens if I’m moving to a more expensive home?
You may need additional borrowing alongside any mortgage you port. The lender will reassess affordability and the new property.
What happens if I’m downsizing?
You may repay part of the mortgage from your equity, but downsizing does not automatically remove the mortgage or any early repayment charge.
Can I move house during a fixed-rate mortgage?
You may be able to port or repay the mortgage, but early repayment charges and lender conditions can apply. Check the mortgage terms first.
Will I pay an early repayment charge when moving?
It depends on the mortgage, whether it is ported and how the sale and purchase are coordinated. Ask for a redemption figure before deciding.
How is my equity used when buying my next home?
Sale price minus the outstanding mortgage and relevant costs gives a simplified estimate of funds that may contribute to the next purchase. Our LTV calculator can help illustrate the resulting borrowing position.
Planning your next move?
A mortgage advisor can review your current deal, estimated equity, new property and borrowing needs, then explain potentially suitable routes. Lender criteria and products can change.