Home Mover

Home Mover mortgages are not a specific type of mortgage product but rather a term used to describe mortgages suitable for individuals who already own a property and are planning to move to a new home. When you decide to move, you have two options regarding your mortgage: you can either continue with your existing mortgage or choose a new mortgage product.

Porting your mortgage:

If you choose to stay with your current lender and maintain the same mortgage terms when transitioning to your new home, it is referred to as porting. Porting your mortgage involves switching it from your current home to your new one. Most lenders offer this service, but it requires a new application, payment of valuation fees, and stamp duty on the new home. It’s important to note that if the value of your new home is higher than your current mortgage, you may need to take out an additional mortgage, which could be more expensive than obtaining a new mortgage with a different lender. Porting is subject to your current lender’s affordability calculations and criteria at the time of application.

Taking a new Home Mover Mortgage:

If porting your existing mortgage is not feasible or cost-effective, you have the option of obtaining a new residential mortgage with a new lender. Before considering this, it’s important to check the early repayment charges on your current mortgage. Depending on your circumstances, a new lender may offer more favorable terms and potentially save you money. Timing is crucial when applying for a Home Mover Mortgage, especially if you are nearing the end of your current fixed-rate deal or have gained equity in your property. It’s essential to consider the current rates available for home mover mortgages. However, if you have large exit fees or a remaining mortgage balance of less than £50,000, the benefits of switching to a new lender may be limited.

New Home Mover Mortgage with an existing lender:

If your current lender is unable to port your mortgage, you may still be able to arrange a new Home Mover Mortgage with them if you prefer to stay with the same provider. However, keep in mind that this is unlikely to waive early repayment fees. This option is typically relevant if your existing lender offers a new Home Mover client rate that is financially beneficial compared to porting your existing product to the new property. It’s important to assess if your lender’s lending criteria and the amount they are willing to lend you on your new purchase meet your needs.