Home Mover Mortgage

Find the right mortgage for your next move

Home Mover Mortgages

Moving home can be an exciting but stressful time, especially when it comes to finding the right mortgage. But don’t worry, we’re here to help! Let us help you get the best rates for your needs with our expert advice and competitive rates.

FAQs

What is a Home Mover mortgage?

A Home Mover mortgage works just like a regular mortgage but is designed for those who are selling their current property and moving to a new home. Depending on your situation, you may need a new mortgage that better suits your needs, or you may be able to transfer your existing agreement.

Can I transfer my mortgage to a new property?

“Porting” your existing mortgage to your new home may seem like a convenient option, but it’s important to consider all your choices. While porting your mortgage may be suitable, you could be missing out on more competitive rates available for home mover mortgages. Our qualified mortgage advisors can help you weigh your options and find the best solution for your needs.

What happens if I need a larger mortgage?

When moving to a new home that costs more than your current property, you may need to increase your loan amount, resulting in higher monthly payments based on your new credit agreement. To obtain a new mortgage, you’ll have to undergo credit and affordability checks similar to those you underwent for your previous mortgage.

You may have the option to “port” your current mortgage agreement and expand the mortgage amount. However, it’s essential to be aware that you could face early repayment charges if you exit your existing agreement before its term ends.

Do I need to pay an early repayment charge if I move home?

This will depend on the type of agreement you have with your current lender, you will pay early repayment charge if you’re on a:

Fixed term mortgage
Discounted variable rate

You will not be subject to early repayment charge on a:

Standard variable rate mortgage
Offset mortgage

Depending on your lender, you may need to pay an early repayment charge on a:

Tracker mortgage
Interest only mortgage

It’s best to check your documents or speak to the lender or broker who set up your agreement.

We may charge a broker fee for mortgage advice. The fee can vary from £499 – £995 depending on your circumstances and the complexity of the case with a typical fee being £499. The fee will be agreed with you at the earliest opportunity and no fee is charged until offer stage.