Home Movers

If you already have a mortgage, what happens when you want to move to another property? Is it better to get a new loan or to use your existing one, perhaps increasing the size of your debt? This guide explores your options

If you’re moving house and you already have a mortgage on your current home, you might be able to transfer – or ‘port’ – your mortgage to your new property.

Even if porting your mortgage is possible, you’ll still need to re-apply and go through the same affordability and credit checks that you went through to get the mortgage initially. You’ll also have to pay for a valuation, as well as legal fees and stamp duty.

We would compare all of your options in these circumstances by looking at the costs of porting your existing mortgage with a possible top up if needed, against the open market new deals. We will recommend the most cost-effective options to you. 

You may find it harder to get approved for the same mortgage if your financial circumstances have changed. For example, if you’ve changed job or become self-employed, had children or seen some other change in your financial circumstances.

If you’ve just started thinking about moving, it’s a good idea to speak to us first before you do anything, so we can find out how much money you could borrow if you were to move. Your financial position may have changed with your current jobs, or you may have started a family, which will all affect your current situation when assessing how much you could borrow.