Home Mover Mortgages

Moving home does not directly change your credit score. However, the financial activity around a move—such as new commitments, changes to spending, or taking on additional borrowing—can influence how lenders assess your application. This is why it’s important to understand what lenders look for on payslips and how your income is assessed during a mortgage application.

Moving home without savings can be difficult, particularly if there is a gap between the sale of your current property and the purchase of your next one. You may also need funds to cover legal fees, moving costs and any shortfall in borrowing. Existing financial commitments, such as an overdraft, can also affect how much a lender is willing to offer.

When moving home, you’ll usually need to budget for property valuation fees, legal costs and estate agent fees. If you’re not porting your current mortgage, you may also face early repayment charges. In some cases, it’s worth considering whether to have your property valued before remortgaging, particularly if you are exploring alternative mortgage options.

Yes, you can usually port your mortgage to a cheaper property, but you’ll still need to pass your lender’s affordability checks. Even if you are borrowing less, lenders will assess your income, outgoings and overall financial position to ensure the mortgage remains affordable.

Whether you should port your mortgage or switch to a new lender depends on your current deal, any early repayment charges and what options are available in the market. This is particularly important if you are planning to move during your fixed rate mortgage period, as this can affect your flexibility and costs.

You will usually need a deposit when moving home, but in many cases, the equity from your existing property can be used instead of cash savings. The amount available will depend on your current mortgage balance and the value of your property.

Finding a new home before selling your current one might require a bridge loan to finance the new purchase temporarily or a let-to-buy mortgage, allowing you to rent out your former home and buy the new one. Both options provide solutions but come with their considerations and costs.

The application process for home movers mirrors that of obtaining your first mortgage. It involves a review of your financial situation, the equity in your current home, the purchase price of the new property, and any additional funds you may need to borrow. This process includes credit and affordability assessments to ensure you can comfortably manage the new mortgage.

No,  not all products are portable. Some products may include features such as portability, which allows you to transfer your current mortgage to a new property, potentially lower application fees, and the flexibility to borrow additional funds depending on your situation.

Typically, porting your mortgage should not subject you to Early Repayment Charges, as you’re continuing your relationship with the same lender under similar terms. However, it’s crucial to review your mortgage agreement or consult with your lender, as switching to a different lender or mortgage product may trigger these charges.