When you move home you can either get a new mortgage or keep your current deal and move it across to the new property.

Get a new mortgage

You can switch lenders or get a new mortgage with your current lender.

You can find out how much you can spend on a new property by using the Money Advice Service's affordability calculator to check what you could borrow.

What happens to your mortgage when you sell your home?

You can use the money you get when you sell your home to pay off the full balance of your old mortgage. However, you will usually have to pay:

  • Exit fees: Most mortgages charge this when you pay them off or move to a new deal.

  • Early repayment charges: Mortgages with a fixed, tracker or discount interest rate charge a fee for leaving the mortgage before the initial rate ends. This is charged as a percentage of the mortgage amount, so can cost thousands of pounds.

After you have paid off your old mortgage, you can use any money you have left as a deposit on the new property.

Find a new deal

You can get most types of mortgage for your new property, including:

  • Fixed, variable, tracker, discount or capped deals

  • Interest only or repayment deals

  • Offset or flexible mortgages

The comparison table above shows every mortgage available if you are moving home.

You usually need to pay fees for taking out your new mortgage, including product, application and valuation fees.

Porting your mortgage to your new property

Some lenders let you move your existing mortgage to a new property when you move house. This is called porting the mortgage.

It could be cheaper to stay with your existing lender if they have:

  • High exit fees, especially if you have a fixed rate

  • A better interest rate than you could get from a new mortgage

Not all mortgages are portable so check your terms and conditions or speak to your lender about keeping your mortgage when you move house.

If your mortgage is portable you may need to pay fees for moving it and for your lender to value your new property.

You will also need to reapply for the mortgage. This means your lender will check your financial circumstances and credit record to make sure you can afford it. You may not be accepted if:

  • Their lending conditions have got stricter

  • You earn less

  • You are now self employed

  • You have missed repayments on your mortgage or other borrowings

  • You have taken out more credit or loans

  • You need to increase your mortgage to buy a more expensive home

Moving house mortgage FAQs


Will my repayments change when moving home?


Yes, your payments could go up or down depending on the price of the new property and whether you get a new mortgage deal or not.


Can I get a mortgage with a different provider?


Yes, you can pay off your old mortgage when you sell your home and get a mortgage with a different provider for the new property.


Will moving house affect my credit record?


Yes, because your address and the amount you owe on your mortgage will change. These both show on your credit record.


What if my new property costs more than my current mortgage?


Your lender may agree to lend you more. If not, you could move to another mortgage or get a separate mortgage for the extra amount you borrow.


What if I am not offered a new mortgage?


You will not be able to move until you improve your credit record, pay off more of your mortgage or renovate your home to sell it at a higher price.


Do I need a deposit when I move home?


Yes, you will need a deposit if you get a new mortgage, but you can use your equity in your current home as a deposit.


How long does it take to switch to a new deal?


It usually takes four to eight weeks but can take longer if there are any complications.