Compare moving home mortgages

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

It can be a cost-effective option, especially if you face high early repayment charges to switch to a new lender or you’re on a lower interest rate than you can find elsewhere when you come to move.

However, not all mortgages are portable, so you should check your terms and conditions and what fees are involved in the porting process. 

As porting your mortgage means going through the application process again, the lender may refuse your request if:

• Their lending conditions have become 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

When you move home, you can remortgage to a new deal with a new lender or do a product transfer with your existing lender (with a further advance if you need a larger loan). 

Remortgaging is a straightforward process; around a third of the mortgages approved in the UK each year are home mover mortgages.

The first step is to use our affordability calculator to check what you could borrow.

Then you need to find a deal and get an Agreement in Principle from the lender offering it.

Home mover mortgages come in many forms, including:

• Fixed, tracker or discount deals

• Interest-only or repayment deals

• Offset or flexible mortgages

Remember that you will usually have to pay fees for taking out your new mortgage, including product, application and valuation fees. So it’s essential to factor these in when working out the total cost of switching. Even if a remortgage deal offers a much lower interest rate, it may still cost you more overall due to the charges you have to pay to switch.

As with any mortgage application, you’ll also need a good credit record and to pass the lender’s affordability checks.

Borrowing more by increasing the size of your existing mortgage is known as taking a “further advance” or additional loan – often at a different interest rate to the one you’re paying on your primary mortgage.

Most lenders offer this facility as long as you can show you will be able to afford the extra repayments, and the size of the overall loan does not exceed 85%–90% of your property’s value. This loan includes both the primary mortgage and further advance.

You’ll usually be asked why you want the money, with most lenders viewing home improvements that will increase the value of your home more favourably than buying a new car, for example.

You’ll also need to:

• Be up to date with your mortgage repayments

• Have enough equity to allow you to borrow more

• Have your home professionally valued

• Have a good credit rating

• Have enough spare income to afford the extra payments easily