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A home‑mover mortgage supports you when relocating to a new property, helping you transition smoothly from one home to the next. It offers long term reassurance by ensuring you have the financial structure needed to manage the move confidently and continue building your plans for the future. Because changing homes often brings new priorities, this type of mortgage can act as a dependable element of your financial planning and provide stability at a time when careful decisions matter most.
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Frequently Asked Questions
Get quick, helpful answers to the most common mortgage questions.
A home mover mortgage works just like a regular mortgage but is designed for those who are selling their current property and moving to a new home. Depending on your situation, you may need a new mortgage that better suits your needs, or you may be able to transfer your existing agreement.
“Porting” your existing mortgage to your new home may seem like a convenient option, but it’s important to consider all your choices. While porting your mortgage may be suitable, you could be missing out on more competitive rates available for home mover mortgages. Our qualified mortgage advisers can help you weigh your options and find the best solution for your needs.
When moving to a new home that costs more than your current property, you may need to increase your loan amount, resulting in higher monthly payments based on your new credit agreement. To obtain a new mortgage, you’ll have to undergo credit and affordability checks similar to those you underwent for your previous mortgage.
You may have the option to “port” your current mortgage agreement and expand the mortgage amount. However, it’s essential to be aware that you could face early repayment charges if you exit your existing agreement before its term ends.
This depends on the terms of your current mortgage. An early repayment charge may apply if you repay your mortgage during a tie-in period, for example while you are on a fixed rate, discounted rate or certain tracker products. If your mortgage is already on your lender’s standard variable rate, there is often no early repayment charge, but this will depend on your individual mortgage terms.
It is also worth noting that many mortgages are portable. This means you may be able to transfer your existing mortgage deal to a new property, which can help you avoid an early repayment charge. However, porting is not automatic. It still involves a new mortgage application, and the lender will reassess the case in full, including income, affordability, credit profile and the suitability of the new property. For that reason, it is important to check your mortgage offer and speak to your lender or broker before making any decisions.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.