Ben Smith
Moving home often means reviewing your mortgage alongside everything else involved in buying and selling a property. You might need to borrow more to buy a larger home, reduce your borrowing when downsizing or explore different mortgage options because your circumstances have changed.
If you already have a mortgage, you may be able to transfer your existing deal to your new property through a process known as porting. Alternatively, you could explore a new mortgage with your current lender or another provider.
The right option will depend on your existing mortgage terms, the property you’re buying, your finances and the lender’s criteria. OnTheLadder connects home movers with mortgage advisers who can help them understand their options and consider the next steps.
If you already have a mortgage, you may not need to start from scratch when moving home. Some mortgage products are portable, meaning you can apply to transfer your existing mortgage deal to another property.
However, porting isn’t always straightforward. Your lender will usually assess the new property and your current financial circumstances, and approval isn’t guaranteed. If you’re borrowing more than you currently owe, the additional amount may need to be borrowed under a separate deal with different terms.
You may also find that taking out a new mortgage offers better value or suits your plans more closely. Before making a decision, it’s important to compare the costs of porting your existing deal with switching lenders or choosing a new product.
Early advice can help you understand any early repayment charges, fees or affordability requirements that could affect your move.
1. Submit an enquiry: Tell us about your plans to move home and what you’re looking to achieve.
2. Share your circumstances: Provide details about your current mortgage, financial situation and the type of property you’re considering.
3. Get connected with an adviser: Your enquiry is passed to a mortgage adviser who can discuss your circumstances.
4. Explore your options: Consider whether porting your existing mortgage or arranging a new deal could suit your plans.
5. Decide your next steps: Review your options before deciding how to proceed with your move and mortgage application.
The amount you can borrow when moving home will depend on your income, regular outgoings, existing financial commitments, deposit or equity and the lender’s affordability assessment.
If you’re moving to a more expensive property, you may need to borrow more than you currently owe. This could mean arranging additional borrowing with your existing lender or applying for a new mortgage, depending on your circumstances and available options.
If you’re downsizing, you may be able to reduce your mortgage borrowing, although the amount available will depend on your sale price, outstanding mortgage balance and the costs involved in moving.
Your circumstances may also have changed since you first took out your mortgage. A change in income, employment, family commitments or other financial responsibilities could affect what a lender is prepared to offer.
Speaking with a mortgage adviser can help you understand your potential borrowing options before committing to a property purchase.
Moving home involves several financial decisions, and your mortgage is one of the most important. Understanding your options early can help you budget realistically and avoid unexpected costs during the process.
A mortgage adviser can help you review your existing deal, understand whether porting may be possible and compare potential alternatives. They can also discuss affordability, deposit requirements and the costs that could arise when changing your mortgage.
Whether you’re buying a bigger family home, moving to a new area or downsizing for your next chapter, the right guidance can help you make a more informed decision.
OnTheLadder connects people planning a move with mortgage advisers who can discuss their circumstances and explore potential options. Submit an enquiry to get started.
Whether you’re upsizing, downsizing or relocating, understanding your mortgage options can help you plan your move with greater confidence.
Submit an enquiry through OnTheLadder to connect with a mortgage adviser who can discuss your circumstances, review potential options and help you understand the next steps.
