A guide to moving home mortgages
Moving home is one of the biggest financial decisions you’ll make. Whether you’re upsizing, downsizing, or relocating, your mortgage is central to the process. This guide covers your options, the costs involved, and how to make the transition as smooth as possible.
In this guide
What are your mortgage options when moving home?
- Transfer your existing deal (and rate) to the new property
- Avoid early repayment charges on your current deal
- May need a top-up loan for the extra amount
- Not all mortgages are portable — check your terms
How much can you borrow for your next home?
Your borrowing capacity when moving home is determined by two things: the equity you have in your current property and how much the new lender will offer based on your income.
Equity from your current property acts as your deposit on the next one. For example, if your home is worth £300,000 and you owe £180,000, you have £120,000 of equity. After selling costs (typically £3,000–£5,000 for estate agents and solicitors), you’d have around £115,000–£117,000 as a deposit on your next purchase.
Combined with a new mortgage offer based on your income (typically 4–4.5x salary), this determines the total budget for your next home.
How much stamp duty will you pay when moving home?
Current SDLT rates (England & Northern Ireland)
0%
Up to £250,000
No stamp duty on the first £250,000
5%
£250,001 – £925,000
Charged only on the portion above £250,000
10%
£925,001 – £1.5m
Higher rate on this band
12%
Over £1.5m
Top rate on the amount above £1.5 million
Selling and buying at the same time
- Get your mortgage Decision in Principle before making an offer
- Instruct a solicitor early so searches can begin immediately
- Be responsive to requests for documentation
- Consider accepting a slightly lower offer from a chain-free buyer
What are early repayment charges and when do they apply?
If you’re still within a fixed or discounted deal period, your current lender may charge an ERC when you repay the mortgage. This is typically 1–5% of the outstanding balance, depending on how far into the deal you are.
On a £200,000 mortgage, a 3% ERC would cost £6,000. However, if you can port your mortgage to the new property, you avoid the ERC entirely because you’re not repaying the loan — you’re transferring it.
If your deal has already ended and you’re on the SVR, there’s usually no ERC. In this case, you’re free to move to any lender offering a better rate.
The moving home mortgage process
Here’s a step-by-step guide to managing your mortgage when moving home.
Review your current mortgage
Check your outstanding balance, remaining deal term, and any ERCs. Your annual statement or lender’s online portal will have this information.
Understand your equity
Get an idea of your property’s current value through online tools or a local estate agent. Subtract your mortgage balance and estimated selling costs to find your available deposit.
Speak to a broker
A broker will assess your options: porting, remortgaging, additional borrowing, or a combination. They’ll calculate your total budget for the next property.
Get a Decision in Principle
A DIP from your chosen lender confirms what they’re willing to lend. This strengthens your offer and shows sellers you’re a serious buyer.
Put your current home on the market
Instruct an estate agent and set a realistic asking price. Being realistic on price helps secure a buyer quickly and keeps the chain moving.
Find your new home and make an offer
Once your offer is accepted, submit the full mortgage application with all supporting documentation.
Valuation and surveys
The lender values the new property. You may also want an independent survey to check for hidden issues before committing.
Legal work and searches
Your solicitor handles searches, title checks, and contract negotiations on both the sale and purchase sides.
Exchange and completion
Once everything is agreed, contracts are exchanged (legally binding) and a completion date is set. On completion day, keys are handed over and the mortgage begins.
What other costs should you budget for?
- Estate agent fees: typically 1–1.5% of the sale price
- Solicitor fees for the sale: £800–£1,500
- EPC (if yours has expired): £60–£120
Speak to a moving home specialist
At Clearview Mortgage Solutions, we help hundreds of home movers each year find the right mortgage for their next property. We’ll review your current deal, calculate your equity and budget, and find the best way to finance your move — whether that’s porting, remortgaging, or starting fresh with a new lender.
Contact us for a free, no-obligation review of your moving home mortgage options.
Related guides
More guides in our moving home mortgage hub.
Speak to an Expert
Our calculators give you a useful estimate, but your actual mortgage and protection options depend on your full circumstances, credit history and lender criteria. Clearview Mortgage Solutions’ FCA regulated—our CeMAP-qualified advisers are on hand to explain how each calculator applies to you and to help you compare real mortgage quotes from 90+ UK lenders.
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