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Compare moving home mortgages

A new mortgage when you are moving home could help you save money. Compare these mortgages to find one with a lower rate to see if you could get a better deal.

Moving home mortgage to your new home

If you’re thinking about moving home but you’re unsure what to do about your existing mortgage, here’s what you should consider.


Overall representative example:

Based on borrowing

Initial rate

Lender fee

£170,000 over 25 years

2.27% fixed for 2 years (24 instalments of £737.41pm)


The overall cost of comparison

Subsequent rate (SVR)

Total amount payable

4.02% APRC representative

4.31% variable for the remaining 23 years (276 instalments of £913.57pm)


Moving home – Frequently Asked Questions

I’m moving home, what about my mortgage?

Moving home can create a bit of a conundrum for those with mortgages: what do you do with your existing mortgage?

There are two basic solutions: you can either take your existing mortgage with you to the new property, a process commonly referred to as ‘porting’ a mortgage, or you can wrap things up and get a new one.

Porting a mortgage is a bit like remortgaging with your existing lender but for a new property. Getting a moving home mortgage conversely means getting a better deal, but as you may be leaving your old mortgage before it’s expiry it could mean penalties.

Weighing up the best option depends on the fees you’ll pay for leaving, the amount you could save from a new moving home mortgage, and any additional costs for porting, such as if you have to borrow more money and extend the mortgage you’re porting across.

What if I need to arrange a new mortgage?

If you can’t transfer your mortgage, it’s a good opportunity to look for a new one – and preferably one with better terms.

As with any mortgage application, the lower the loan to value (LTV) ratio, the better the mortgage deal you might be offered. The best mortgage interest rates are typically reserved for homebuyers who have a deposit of 40% and are looking for a mortgage with an LTV ratio of 60%.

Should I get a repayment or interest-only mortgage?

A repayment mortgage means you pay off some of the capital sum (the amount you borrowed) as well as the interest each month. At the end of your mortgage term (usually 25 years), you should have paid off the entire loan.

Alternatively, with an interest-only mortgage, you only pay the interest each month and the amount you initially borrowed remains the same throughout the term of the mortgage. With this type of mortgage, you’ll need to show at the start how you intend to pay off the capital. Since the financial crash of 2008, interest-only mortgages are rarely offered.

What about a fixed or variable rate mortgage?

If you’re looking for a new mortgage, you’ll need to decide whether you opt for a fixed or variable rate.

With a fixed-rate mortgage, the interest and monthly repayments are set at a certain level for an agreed length of time – often for two or three years, but five or even ten-year deals are available. At the end of the fixed-rate period, your mortgage provider will usually switch you to their standard variable rate (SVR) mortgage – this is the perfect opportunity to look around and see if you can find a better mortgage deal.

Variable rate mortgages have interest rates that can change. An SVR mortgage is a provider’s basic rate of interest and the provider can change the interest rate when they wish. As mentioned previously, this tends to be the rate you roll onto once a fixed mortgage deal is over.

While SVRs can be an expensive way of mortgaging your home, one advantage is that you’re unlikely to face any early repayment fees or additional charges for remortgaging or finding a new deal.

Tracker mortgages use the Bank of England’s base rate and ‘track’ by a set percentage above or below that rate. You can also get capped or collared mortgages, where the interest rate won’t go above or below a set limit.

Taking out a moving home mortgage

Before taking out a moving home mortgage remember that you will be assessed for your credit worthiness. It may be worth getting a credit report, making sure your payments are up-to-date, and ensuring you’re signed on to the electoral roll.

Even then though the new mortgage rules mean lenders are assessing stricter criteria before lending. This means any outgoings like phone contracts or gym memberships will now be subtracted from your income before you are offered a mortgage, so it may be worth doing an audit of your outgoings before applying.

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Claim Anything is a credit broker, not a lender to provide this mortgage comparison service. Our services are provided at no cost to you, but we may receive a commission from the companies we refer you to.