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Moving Home
If you're moving house with an existing mortgage, you can usually take your current deal with you or repay it and take out a new one. The right choice depends on your early repayment charge, your equity, and the rates available when you move.
When you move house with an existing mortgage, you have two main options: porting your current deal to the new property, or repaying it and taking out a new mortgage, potentially with a different lender.
Porting isn't a straightforward transfer. Your lender treats it as a fresh application, re-running affordability and credit checks even though you're keeping the same deal. If you don't meet the criteria, you could still be refused, even on a mortgage you've held for years.
Most home movers benefit from comparing both routes before deciding, since the early repayment charge, the rates on offer, and your new loan-to-value can each tip the balance in a different direction.
A moving home mortgage is simply the mortgage you arrange when you sell one property and buy another. For most homeowners, that means choosing between two routes: porting the deal you already have, or paying it off and starting again with a new mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it, so getting this decision right matters as much as getting the process right.
Neither option is automatically better. Porting can protect a rate you locked in a while ago, but it isn't guaranteed - your lender still has to approve you and the new property. Starting fresh gives you access to a wider range of deals, but usually means paying an early repayment charge to exit your current deal early.
Porting means taking your existing mortgage deal - the same rate and terms - and applying it to a new property when you move. It sounds like a simple transfer, but lenders treat it as a brand new application.
Sometimes it's worth paying the early repayment charge and starting again with a new lender. This is usually the case when:
An advisor can compare a wide range of lenders and weigh the cost of exiting your deal against what you'd save with a new one.
A simple way to think through the decision:
Porting isn't a case of simply notifying your lender and having your deal follow you automatically. It's a full mortgage application, run alongside your house sale and purchase, and it can take as long as applying for a new mortgage from scratch.
If your circumstances haven't changed much since you took out your original deal, porting is usually more straightforward than starting again - you're just proving you still meet the criteria you met before.
How it works
Tell your lender you're moving
Contact your lender as soon as you start seriously looking, so you understand what they'll need and how long their process typically takes.
Find your new property
Once you have an offer accepted, your lender needs the property details before they can assess whether it meets their lending criteria.
Submit your porting application
You'll complete a fresh mortgage application, even though you're keeping your existing rate and terms.
Go through affordability checks
Your lender re-assesses your income, outgoings, and credit history as if you were a new applicant.
Have the new property valued
A surveyor values the property on the lender's behalf, to confirm it supports the loan amount and loan-to-value you need.
Receive your new mortgage offer
If everything checks out, your lender issues a new offer for the ported deal, ready for exchange and completion.
Because porting counts as a new application, your lender re-checks the same things they looked at when you first took out the mortgage, plus a few things specific to your new circumstances.
Most ports take around four to eight weeks from application to offer, though this varies by lender and how quickly your sale and purchase progress alongside it. Because porting is tied to a property chain, it's important that your sale and purchase complete on the same day wherever possible.
If your sale completes before your purchase, you could be left without a mortgage in place for a short period. Some lenders offer short-term bridging arrangements for this gap, though not all do, and terms vary.
If your lender won't port your deal - because of the new property, your current circumstances, or the amount you need to borrow - you're not stuck. You can still repay your existing mortgage, usually along with an early repayment charge, and consider remortgaging to a new deal with a different lender instead.
This is where comparing a wide range of lenders helps. An advisor can weigh the early repayment charge you'd face against what a new lender could offer, so you're not deciding blind.
An early repayment charge (ERC) is a fee your current lender charges if you repay your mortgage before your fixed or discounted deal ends. It's usually calculated as a percentage of your outstanding balance, and it can significantly affect whether starting fresh is worth it.
ERCs are typically tiered, reducing the closer you get to the end of your deal. For example, on a balance of £200,000, a 2% charge would cost £4,000, while a 1% charge on the same balance would cost £2,000.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
These figures are illustrative only. Every lender's early repayment charge schedule is different, so check your original mortgage offer document or ask your lender directly for your exact figures.
Don't just look at the headline early repayment charge percentage. Check whether it's calculated on your original loan amount or your current outstanding balance - the difference can add hundreds of pounds to the charge.
Paying an early repayment charge isn't automatically a bad move. If the rates available on a new deal are meaningfully lower than what you're currently paying, the monthly saving can outweigh the charge within a relatively short period.
An advisor can work out your break-even point - how many months it would take for the savings on a new deal to cover the cost of the charge - based on your actual balance and the rates available to you. If you plan to stay in the new property for several years, switching can work out ahead even after paying the charge.
Your usable equity is what's left from your sale once your mortgage, selling costs, and any early repayment charge are paid off. This is the figure most people use as their deposit on the next property.
The calculation is straightforward: sale price minus outstanding mortgage minus selling costs minus any early repayment charge equals your usable equity.
For example, if you sell for £350,000, owe £180,000 on your mortgage, and pay £8,000 in selling costs and legal fees, you'd be left with £162,000 in usable equity to put towards your next home. This example is illustrative only - your own figures will depend on your sale price, outstanding balance, and costs.
The more equity you have relative to your new property's price, the lower your loan-to-value (LTV) - and generally, the more competitive the rate tier you can access.
Negative equity means your outstanding mortgage balance is higher than your property's current value, so a sale wouldn't cover what you owe. It's more common after a period of falling house prices in your area.
Some homeowners also use surplus equity from a move to pay off other borrowing - if that sounds like your situation, our guide to debt consolidation when moving home explains the pros and cons. If you're downsizing later in life, equity release for over-55s can also be worth exploring as an alternative way to access the value in your home.
If you're worried about negative equity or struggling with repayments, MoneyHelper offers free, impartial guidance on 0800 138 7777.
Home movers pay Stamp Duty Land Tax (SDLT) in England and Northern Ireland based on the price of the property they're buying, split into bands. Unlike buy-to-let purchases or second homes, home movers don't pay the additional dwelling surcharge.
For current thresholds and to work out exactly what you'd owe, use the HM Revenue and Customs Stamp Duty Land Tax calculator.
Scotland and Wales run their own systems instead of Stamp Duty Land Tax. Scotland uses the Land and Buildings Transaction Tax, and Wales uses Land Transaction Tax, each with its own bands and thresholds. Because these are reviewed periodically, it's worth checking the Revenue Scotland or Welsh Revenue Authority calculators for the figures that apply when you buy.
Costs of moving
An advisor can talk you through stamp duty, fees, and how much deposit your equity gives you.
Lenders look at affordability slightly differently for home movers than for first-time buyers, since you already have a mortgage track record and often more established finances - but a bigger property usually means bigger running costs too.
Most mainstream lenders use an income multiple of around four to four and a half times your income, or combined income for joint applications, though some specialist lenders will consider higher multiples for certain professions. Lenders also stress test your ability to cope with higher repayments than you'd actually pay at the outset, to check you have headroom if rates change.
It's easy to focus on whether you can afford the mortgage payment itself and forget the wider cost of a bigger property. Council tax, utilities, and maintenance tend to rise when you move somewhere larger, and a lender's stress test doesn't account for personal spending habits.
Building in some headroom before committing to a bigger mortgage gives you a buffer if circumstances change or costs come in higher than expected.
Every move is different. These are some of the situations that come up most often for people moving home with a mortgage.
Common situations
Upsizing to a more expensive property
You can usually port your existing balance and take out additional borrowing for the difference, often at a current rate rather than your original one, either with your existing lender or a new one.
Downsizing to a cheaper property
If your loan-to-value allows it, you can often port your balance down to a cheaper property. Any surplus equity might be released or used to reduce your mortgage, depending on your lender's rules. Pension income and a shorter remaining term are worth checking too.
Moving after divorce or separation
A joint mortgage can only be changed with both parties' consent. Common routes are one partner buying the other out through a remortgage, selling and splitting the proceeds, or a transfer of equity. Independent legal advice alongside regulated mortgage advice is particularly important here.
Moving to a new build property
Part-exchange schemes and developer incentives can affect how a lender values the property. Some lenders cap new build loan-to-value below what they'd offer on a resale home, and any outstanding equity loan, such as Help to Buy, needs to be factored in and is often repaid on completion.
Whether you're porting or starting fresh, the overall moving home mortgage process follows a similar shape from decision in principle through to completion.
The full process
Get a decision in principle
Before you start viewing seriously, a decision in principle shows sellers and estate agents you're a credible buyer and gives you a realistic budget to work with.
Instruct a solicitor or conveyancer
Doing this early means the legal side of your sale and purchase can move as quickly as possible once you have an offer accepted.
Make an offer
Offers are normally made subject to contract and subject to mortgage, giving you room to withdraw if either falls through.
Submit your full mortgage application
This is where you formally apply to port your existing deal or apply for a new mortgage, providing full documentation of your income and outgoings.
Mortgage valuation on the new property
A surveyor values the property on the lender's behalf to confirm it supports the loan you're applying for.
Formal mortgage offer issued
Once the lender is satisfied, they issue a formal offer setting out the terms of your new or ported mortgage.
Exchange of contracts
Contracts become legally binding, usually alongside a deposit of around 10%, and a completion date is set.
Completion
Funds are transferred, the sale and purchase complete, and you collect the keys to your new home.
Moving home with an existing mortgage involves more moving parts than a first purchase - your sale, your purchase, your existing lender, and potentially a new one, all needing to line up. An advisor who is regulated by the Financial Conduct Authority can help you weigh porting against starting fresh, and keep the process on track.
You can check any firm's authorisation on the Financial Conduct Authority Register.
Working with an advisor
Access expert advice on porting or arranging a new mortgage
Common questions
Yes. You can usually either port your existing deal to the new property, if your lender agrees, or repay it and take out a new mortgage. Which one makes more financial sense depends on your early repayment charge, how long is left on your current deal, and the rates available at the time.
Most ports take around four to eight weeks from application to offer, depending on your lender and how quickly the valuation and paperwork come together. It usually runs alongside your conveyancing rather than adding extra time to your move.
Not necessarily a separate cash deposit. If the equity from your sale covers what you need for the new property, that can act as your deposit. Adding savings on top can lower your loan-to-value further and open up a wider range of rates.
Yes. Porting is treated as a brand new application, so your lender will run a full credit check and affordability assessment, even though you're staying with the same lender and deal.
It depends on your lender's policy. Some allow you to release surplus equity as a lump sum, while others require it to be used to reduce your mortgage balance. Check your mortgage terms or speak to an advisor to find out what your lender allows.
A gap between completion dates can briefly leave you without your ported mortgage in place. Some lenders offer short-term bridging arrangements for this gap, though not all do, and terms vary, so it's worth checking with your lender or advisor before committing to a chain that isn't completing simultaneously.
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