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Home Mover Mortgages – What You Need to Know
Moving home can be both exciting and overwhelming. Whether you’re upgrading to a larger property or downsizing to something more manageable, securing the right mortgage is just as important as it was the first time around. In fact, having a mortgage already in place can sometimes make things more complex—especially if you’re also trying to sell your current home.
In this guide, we’ll walk you through the mortgage options available when moving home, helping you make an informed decision that suits your goals and financial situation.
What Is a Home Mover Mortgage?
A home mover mortgage is a loan you take out when purchasing a new home, while already owning your current one. As a homeowner, you have three main options when it comes to your mortgage:
Porting your existing mortgage to the new property
Remortgaging with your current lender
Taking out a new mortgage with a different lender
Let’s take a closer look at each option.
1. Porting Your Mortgage
Many mortgages are portable, meaning you can transfer your current mortgage to your new property. While this may seem straightforward, it still involves a fresh application process, including full affordability checks.
If your new home is more expensive, you may need to borrow additional funds, which could require a top-up mortgage from your existing lender—often at a different rate. Additional borrowing usually comes with arrangement fees, so it’s important to factor in all potential costs.
Tip: Always check with your current lender to confirm if your mortgage is portable and what conditions apply.
2. Remortgaging with Your Existing Lender
Another option is to completely replace your mortgage by remortgaging with your current lender. This could give you access to better interest rates or more suitable terms.
However, you may face:
Early Repayment Charges (ERCs) – Often between 1% and 5% of your loan
Exit fees
New arrangement and valuation fees
These costs vary depending on how much time is left on your current deal—the closer you are to the end, the smaller the fees tend to be.
3. Remortgaging with a New Lender
You can also remortgage with a different lender, either by:
Using the new mortgage to pay off your existing loan, or
Settling your current mortgage from the sale proceeds of your existing home
Like with your existing lender, early repayment and exit fees may apply. Plus, your new lender will likely charge arrangement and valuation fees.
Always calculate the total cost of switching before making your decision—not just the interest rate.
How Different Situations Affect Your Mortgage
Upsizing to a More Expensive Property: If you’re buying a home worth more than your current one, your lender will assess whether you can afford the increased borrowing.
They’ll consider:
Increases in property value
Changes in your income
Reduction in monthly outgoings
If you’ve missed payments on your current mortgage, securing a new one may be more challenging, though not impossible.
Downsizing to a Smaller Property
Moving to a lower-value home often means:
A smaller mortgage
Lower monthly repayments
The potential to buy outright using the equity from your current property
If your home has appreciated in value, you may even walk away mortgage-free.
What If You're in Negative Equity?
If your current home is worth less than what you still owe, you’re in negative equity. This reduces the deposit or equity you can carry into a new mortgage.
Some lenders will still consider your application—especially if you’re moving for unavoidable reasons, like work relocation. However, options may be more limited and require a specialist approach.
Finding the Right Deal
With so many lenders, products, and fees involved, comparing mortgages can be complex. Online comparison tools can give you a rough idea, but they rarely account for:
Early repayment fees
Exit charges
Arrangement and valuation fees
Your specific credit profile or income type
How a Mortgage Broker Can Help
Deciding whether to port your mortgage, remortgage with your current lender, or switch to a new one involves more than just comparing interest rates. That’s where we come in.
At Momentum Mortgages, we take the time to:
Understand your unique circumstances
Compare deals across a wide range of lenders
Calculate total costs—including hidden fees
Help you plan your next move with clarity and confidence
We offer no-obligation consultations, so you can explore your options risk-free before committing.