What are your mortgage options when moving home?
When you move home, you don’t simply take your existing mortgage with you. You have several options — porting, remortgaging, additional borrowing, or a product transfer — and the best one depends on your current deal, equity position, and how much you need to borrow.
Port your mortgage
- 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
Remortgage with a new lender
- Access the whole market for the best available rate
- New affordability assessment required
- May face ERCs on your current deal if still in the fixed period
- Legal work and valuation needed
Additional borrowing
- Borrow more on top of your existing mortgage
- Can be from your current lender (further advance) or a new one
- Useful when upgrading to a more expensive property
- The extra borrowing may be at a different rate
Product transfer
- Switch to a new deal with your current lender
- Simpler process with less paperwork
- Usually no valuation or legal fees
- Limited to what your lender offers
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 — that’s a 40% deposit on a like-for-like purchase, which usually unlocks the best rates (see how LTV affects pricing). 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 — try the borrowing calculator to get an indicative figure.
How much stamp duty will you pay when moving home?
Stamp duty (SDLT) is a significant cost when moving home. The rates are based on the purchase price of your new property.
Current SDLT rates (England & Northern Ireland)
Stamp duty rates and thresholds change periodically. Use our stamp duty calculator for an accurate figure based on your purchase price. Scotland (LBTT) and Wales (LTT) have their own rates and bands.
Selling and buying at the same time
Most home movers are in a chain — they need to sell their current property to fund the purchase of the next one. This creates dependencies that can cause delays and stress.
Your buyer needs to be ready to proceed before you can exchange contracts on your purchase. If anyone in the chain has a problem (mortgage decline, survey issue, gazumping), the whole chain can stall or collapse.
How to strengthen your position in a chain
- 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
Options if you want to avoid a chain
- Sell first and rent temporarily (gives you a chain-free position as a buyer)
- Bridge the gap with a bridging loan (short-term finance to buy before selling)
- Part-exchange with a developer if buying new-build
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.
- 01
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.
- 02
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.
- 03
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.
- 04
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.
- 05
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.
- 06
Find your new home and make an offer
Once your offer is accepted, submit the full mortgage application with all supporting documentation.
- 07
Valuation and surveys
The lender values the new property. You may also want an independent survey to check for hidden issues before committing.
- 08
Legal work and searches
Your solicitor handles searches, title checks, and contract negotiations on both the sale and purchase sides.
- 09
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?
The mortgage is the biggest cost, but there are several other expenses to plan for when moving home.
Selling costs
- 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
Buying costs
- Stamp duty (see calculator above)
- Solicitor fees for the purchase: £1,000–£2,000
- Survey: £250–£600 depending on type
- Mortgage arrangement fee: £0–£2,000
Moving costs
- Removal company: £500–£2,000 depending on distance and volume
- Temporary storage if needed
- Mail redirection: from £33.99 for 3 months
- Immediate repairs or decorating at the new property
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. Read the full moving home mortgage guide for a deeper walk-through.
Compare deals across the market or contact us for a free, no-obligation review of your moving home mortgage options.