Moving house, without paying twice.
You can often take your existing mortgage with you, borrow more on top, or start again with a different lender. Which of those three is cheapest depends on your early repayment charge, and we work that out before you commit to anything.
The three ways to do it
Most people assume they have to keep their existing mortgage or start completely fresh. There is usually a third option, and it is often the cheapest.
- Three routes
- Port, borrow more, or move lender
- What decides it
- Your early repayment charge
- When to start
- Six to eight weeks before you offer
- Our fee
- In writing before you commit
Port your existing deal
Take your current rate with you to the new property. Lenders call it porting. It is not automatic: you reapply and have to meet their criteria all over again.
Port and borrow more
A bigger house usually means a bigger loan. The extra normally sits on a separate rate to the part you ported, so you end up with two parts on one mortgage.
Move lender entirely
If your early repayment charge is small or already gone, a new lender can work out cheaper overall even at a higher headline rate.
How a move actually runs
Check the early repayment charge
The first thing we look at. It is the number that decides whether porting is worth it, and it is often thousands.
Work out the new borrowing
What you are buying, what you are selling for, and what that means you need to borrow.
Compare all three routes on total cost
Not the headline rate. Fees, the charge for leaving, and what the two parts cost together.
Apply and line the dates up
Your sale and your purchase need to complete on the same day. We keep the mortgage side moving to that date.
Home Mover, answered
- Is porting guaranteed? No. You reapply and have to meet the lender's current criteria. If your income or circumstances have changed since, the answer can be different this time.
- Can I port to a cheaper house? Usually, but if you are borrowing less you may repay part of the loan and trigger a partial early repayment charge on the bit you pay off.
- What happens if the chain collapses? Mortgage offers normally last three to six months. If it falls through inside that window we can often reuse the offer. If not, we start again.
- Do I need a new valuation? Yes. The lender values the property you are buying, whether you port or move lender.
- When should I start? Before you offer, not after. An agreement in principle makes your offer far more credible to the agent.
Port, port and borrow more, or move lender. We price all three rather than assuming the first one.
Tell us your current lender, your rate and when it ends, and we can tell you fairly quickly which way is likely to win.
Request assistancePeople asking about this usually ask about these
Ask us about home mover
Tell us where you are up to and an adviser will come back to you. The answers below just save us a phone call working it out.
- One of the five advisers on Eastfield Road, not a call centre.
- Usually the same working day.
- No obligation, and nothing to sign at the end of it.
Would rather talk now? Call 01733 602 033.
Moving soon?
Ring the office before you offer on anything. Twenty minutes now saves a fortnight later.