Home Mover Mortgages

Moving house is a big deal — a major step that comes with real financial implications, so it’s important to get the decisions right. Choosing the correct mortgage is one of the biggest factors to get right, and knowing you have the right funding solution in place will take a lot of pressure off as you move forward.

What Are My Mortgage Options as a Home Mover?

Understanding the mortgage options open to you is the first, and most important, step — it’s what allows you to make a genuinely informed decision. Here are the three most common options for home movers:

Mortgaging With Your Current Lender

Staying with your current lender can feel convenient, but it can also end up more expensive. Without reviewing products from other lenders, you can’t be sure you’re getting the best deal available to you. Using a mortgage broker gives you access to more products, more lenders, and advice you may not get through a straightforward product transfer with your existing lender — and a broker also takes on much of the legwork, making the whole process far less stressful.

Mortgaging With a New Lender

This is often the more attractive option financially, since you’re not simply settling for whatever rate your current lender offers. Instead, you can secure a mortgage with a new lender, confident you’ve chosen the best solution for you from across the whole market.

If you go down this route, factor in that there may be an early repayment charge (ERC) for exiting your existing mortgage early.

Porting Your Mortgage

Porting is one of the most popular options for home movers. This means transferring your existing mortgage to your new property and continuing to pay it as normal. You’ll still need to apply for approval, and if the new property costs more, you’ll typically need an additional mortgage to cover the shortfall.

Not sure which of these options suits your move? Speak to one of our advisors and we’ll talk you through what fits your circumstances.

What If I’m Upsizing or Downsizing?

If you’re moving to a smaller or larger property, it’s likely your mortgage will need to change too, so it’s worth taking stock of your finances and understanding how the move will affect them going forward.

Downsizing may mean you have significant equity built up in your current property, making the move financially straightforward. Upsizing, on the other hand, will typically mean your mortgage becomes more expensive — worth planning for ahead of time.

Finding the Right Mortgage for Your Move

Knowing what it takes to secure the right mortgage is essential, which is why The Mortgage Store focuses on understanding your specific goals first, so we can recommend the most suitable option for what you’re trying to achieve. Whether you’re remortgaging, considering a buy-to-let alongside your move, or just weighing up your options, get in touch today for a free, no-obligation conversation.