Home Mover Mortgages Guides & Advice

Some mortgages are portable, meaning you may be able to apply to take the existing product to a new property. Porting is not automatic: the lender reassesses affordability, creditworthiness and the new property under its current criteria. If you need additional borrowing, that part may be placed on a separate product and rate. Early repayment charges can still arise if porting cannot be completed in accordance with the lender's terms.

The best route depends on your existing rate, early repayment charges, remaining deal period, required borrowing and the alternatives available. Porting may preserve a favourable rate, but a new mortgage may be more suitable overall in some circumstances. Compare the total cost, fees, flexibility and any period where different mortgage parts would end at different times. Advice should consider both immediate and longer-term costs.

The lender will reassess your current income, expenditure, debts, dependants and credit commitments, even if you already have a mortgage with them. A more expensive property or larger loan can increase the affordability scrutiny. Sale proceeds may provide the deposit, but estate agent and legal costs, early repayment charges and other expenses reduce the amount available. Do not assume previous borrowing remains available without a new assessment.

Additional borrowing may be possible if it is affordable and meets lender criteria. The lender considers the total mortgage, loan-to-value, income, commitments, term and stress testing. If your existing mortgage is ported, the additional borrowing may have a different rate and end date. This can create future complexity, so the overall structure and total cost should be reviewed carefully.

A break between sale and purchase can affect porting and may trigger early repayment charges, although some lenders allow a limited period for these charges to be refunded after the new purchase completes. Rules vary and conditions apply. Temporary accommodation, storage and funding arrangements may also be needed. Confirm the lender's porting timescales and refund conditions before exchanging contracts.

You can make an offer, but sellers may prefer buyers whose property is already under offer. Your ability to proceed depends on the sale, deposit and mortgage position. Buying before selling may require substantial funds or short-term finance and can carry additional cost and risk. Obtain legal, tax and mortgage advice before considering a structure that leaves you owning two properties temporarily.

The lender normally arranges a valuation of the new property to confirm it is acceptable security. This is primarily for the lender and may not provide a detailed assessment of condition. You may choose a more comprehensive survey, particularly for older, unusual or visibly altered properties. Survey findings can affect the purchase, renegotiation or lender decision, so allow time for any follow-up work.

Review the mortgage position before placing your property on the market or making offers. This helps establish likely affordability, whether the current deal is portable, potential early repayment charges and the deposit available after costs. An early review can also identify documentation or credit issues and help coordinate the mortgage application with the sale and purchase.