Mortgages for moving home

Advice about buying your next home to help you feel prepared to get your next mortgage

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How to get the right mortgage when moving up the property ladder

If you’re moving to your next home and not a cash buyer, you’ll no doubt have asked the question: what do I do with my existing mortgage?

When you’re moving, you have four potential routes:

  • Apply to transfer your current mortgage deal to your new home. This is called mortgage porting.

  • Apply for a new standard mortgage.

  • Remortgage to raise money for a deposit on your new home.

  • You can use your current house’s equity to pay for your new home outright if your home’s sale value covers the new home’s purchase price.

Additionally, be aware of the extra costs associated with moving house, such as conveyancing fees, Stamp Duty Land Tax, valuation fees, Land Registry fees, and the need for a reserve fund to cover unexpected costs.

Getting a mortgage for your next home

To port your mortgage, you’ll need to:

  • Check the terms of your existing mortgage deal. Ask if your lender will port it and if there’ll be an early repayment charge.

  • Speak to your lender about other deals and what you need for affordability checks.

  • Get mortgage advice from a broker or financial adviser and see other deals.

  • Compare options and work out if porting is worth it. Assess the benefits of your current deal compared to other mortgage options.

  • Consider how porting will affect your monthly payments and overall affordability.

  • Reapply for the loan.

  • Get a mortgage valuation on the home you’re buying.

  • The lender will give you a mortgage offer.

If you do not or cannot port your mortgage, you’ll need to apply for a new mortgage deal. You may have to pay an early repayment charge if you’re still in your initial period. Check the costs to ensure this is your best option.

To do this, speak to a mortgage adviser. They will guide you through the entire process.

You can also remortgage to raise money to buy your next home. This works if you are planning to:

  • Buy a second home to rent out as a buy-to-let

  • Live in part-time for example, in an area close to work

  • Move to a cheaper mortgage rate

Additionally, changes in house prices can affect your decision to remortgage. If house prices in your area have risen significantly since you bought your current home, remortgaging could be beneficial. However, be cautious of potential declines in house prices, which could lead to negative equity.

You must consider how the new mortgage repayments will fit your budget.

Renting out your current house

You can remortgage to buy a second home and keep one to rent out.

Given your monthly repayments, you’d need to consider whether the costs of a buy-to-let mortgage and your rental income are worth it.

Learn more in our buy-to-let guide.

Your mortgage will be repaid in full when you sell your home to buy another. You’d then take out a new mortgage to pay for your new home. In this instance, you can use the equity in your home as a deposit.

So if you’ve got a £300,000 mortgage and £175,000 left to pay, you’ll have £125,000 equity. However, if your home decreases in value, you could end up in negative equity, making it difficult to secure a new mortgage and potentially leading to a shortfall between the mortgage amount and the sale price of the property.

The interest rate on your new mortgage will also affect how much you can borrow and your monthly payments.

To find out how much you can borrow, you will need to:

  1. get a property valuation so you know how much it’s worth

  2. see how much you have left to pay on your mortgage

Using a mortgage calculator, you can determine how much you can borrow.

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Important info & marketing claims

You may have to pay an early repayment charge to your existing lender if you remortgage. Your savings will depend on personal circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.

*The savings figure of £656 is based on remortgage customers in April 2024. Read more on our marketing claims page.

We can't always guarantee we will be able to help you with your mortgage application depending on your credit history and circumstances.

Average mortgage decision and approval times are based on's historic data for lenders we submit applications to.

Tracker rates are identified after comparing over 12,000 mortgage products from over 100 mortgage lenders.

As of January 2023, has access to over 100 lenders. This number is subject to change.

For buy-to-let landlords, there's no guarantee that it will be possible to arrange continuous letting of a property, nor that rental income will be sufficient to meet the cost of the mortgage.