MORTGAGE GUIDANCE
Moving home mortgages: what you need to know
Moving home can involve arranging a new mortgage, changing the borrowing on an existing mortgage, or potentially transferring an existing mortgage product where the lender permits it.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
How does getting a mortgage when moving home work?
The steps can vary, but it is useful to understand your existing position and the new property transaction together.
01 — Understand your existing mortgage
Check the outstanding balance, current deal and whether relevant charges or portability provisions apply.
02 — Work out your budget
Consider available equity or deposit, likely borrowing requirement and moving costs.
03 — Review mortgage options
Available options depend on affordability, the property, your circumstances and lender criteria.
04 — Make an offer and apply
Once you are purchasing a property, the mortgage application and property assessment can proceed.
05 — Legal work and completion
Conveyancing, mortgage requirements and the property transaction are completed.
YOUR EXISTING MORTGAGE
Can I take my existing mortgage with me?
Some mortgages are described as portable. This does not necessarily mean existing borrowing can simply be transferred automatically: the lender may still assess the borrower, property and proposed borrowing under its criteria at the time. When buying a more expensive home, additional borrowing may be needed and its treatment can vary by lender. Portability is not necessarily the cheapest or most suitable option.
How much could I borrow when moving home?
Affordability may be reassessed even where you already have a mortgage. Lenders may consider income, expenditure, commitments, deposit or equity, mortgage term, the property and their own criteria when assessing the borrowing available.
Using equity from your current home
Sale proceeds from your current home, after repaying the existing mortgage and relevant costs, may contribute towards the deposit on the next property. The amount of equity available is only one part of a new mortgage assessment and does not guarantee a mortgage.
COSTS TO PLAN FOR
What costs should I plan for?
Costs depend on the purchase, sale and mortgage arrangements. Property taxes depend on the location, purchase and individual circumstances.
Mortgage-related fees
Valuation or survey costs
Legal and conveyancing costs
Estate agency costs where applicable
Taxes applicable to the property purchase
Removal and moving costs
Possible early repayment charges
What if I buy before my existing home sells?
Buying before selling can make the transaction and financing more complex. It may create additional borrowing, affordability, tax or timing considerations. The available options depend on individual circumstances.
YOUR NEXT PROPERTY
What if my new home costs more — or less?
Moving to a more expensive property
Additional borrowing may be needed and is normally subject to affordability, loan-to-value and lender criteria.
Moving to a less expensive property
Borrowing requirements may reduce, but existing mortgage terms and potential repayment charges can still be relevant.
PREPARING YOUR APPLICATION
What information might I need?
Requirements vary between lenders and circumstances. These are examples of information you may be asked to provide.
Identification and address evidence
Income evidence and bank statements where required
Details of your existing mortgage
Details of the property being sold
Deposit or equity information
Details of the proposed purchase
SUPPORT WITH YOUR OPTIONS
Can a mortgage adviser help when I’m moving home?
An adviser can help establish borrowing requirements, consider the existing mortgage and assess relevant mortgage options within the scope of their service. Advice does not guarantee mortgage availability or financial savings.
COMMON QUESTIONS
Moving home mortgage FAQs
Concise answers to common questions about arranging a mortgage when you move home.
Can I take my mortgage with me when I move?
Do I need a new mortgage when moving home?
Can I borrow more when I move?
What happens to my existing mortgage when I sell?
What if my current home hasn’t sold?
When should I apply for a mortgage when moving?
READY TO TALK TO AN ADVISER?
Moving home?
MortgageAdvice.co.uk can connect you with a selected mortgage adviser who can discuss your circumstances and mortgage requirements.
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No obligation to proceed.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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