Moving to your next home
Second and third moves bring their own complications, mostly around timing and what happens to the mortgage you already have. We will introduce you to an adviser at The Finance Seer.
Your Local Broker is an introducer and does not give advice. Your enquiry is passed to The Finance Seer Ltd, who are authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Taking your existing mortgage with you
Porting means carrying your current deal across to the new property so the rate and terms survive the move. It sounds simple, and sometimes it is, but it is not a right you can rely on. The lender reassesses you and the new property as though it were a fresh application.
That reassessment is where ports fall over. Income may have changed, lending rules almost certainly have, and the new property may not suit the lender. Finding out early whether porting is realistic saves building a plan on a foundation that will not hold.
Borrowing more for a bigger place
Most people moving up need to borrow more, and that additional amount is usually treated as a separate arrangement alongside the ported one. You can end up with two parts on different rates ending at different times, which is manageable but worth understanding upfront.
Some households find that starting fresh with a single new mortgage is tidier than stitching together an old deal and a new top-up, even where porting is technically available. Which is better depends on the charges involved and how the two options actually compare.
Chains, timing and pressure
A chain means your move depends on other people whose circumstances you cannot see or control. Delays travel along it in both directions, and the pressure that creates is the main reason people make rushed decisions they later regret.
The defence is preparation. Having your finances in order, your documents ready and an adviser already briefed means that when the chain finally moves, you are not the link holding everyone up.
Early repayment charges on the move
If you leave your current deal rather than porting it, an early repayment charge may apply. Some lenders will refund it where you take a new deal with them within a set window, but that is a feature of particular lenders rather than a general rule.
The charge is not automatically a reason to stay. It is one figure among several, and an adviser will set it against what the alternatives actually cost rather than treating it as a wall.
What an adviser will want to know
- Your current mortgage details, including the outstanding balance and deal end date
- Whether an early repayment charge applies, and how much it is
- Proof of income and three months of bank statements
- The asking price of the property you are moving to
- Where you are in the chain, if there is one
What happens next
- 1
You tell us what you need
One short form. Name, number, postcode and a line about your situation.
- 2
We pass your details on
We send your enquiry to The Finance Seer, who are authorised and regulated by the Financial Conduct Authority.
- 3
An adviser calls you
Usually within one working day. They will ask questions and explain your options.
- 4
You decide what to do next
Any advice comes from The Finance Seer, not from us. There is no obligation to go ahead.
Common questions
- Can I always take my mortgage with me when I move?
- No. Porting depends on the lender agreeing, and they reassess your circumstances and the new property. An adviser at The Finance Seer can check how realistic it is before you rely on it.
- What happens if my sale falls through after I have applied?
- It happens more often than people expect, and applications can usually be paused or resubmitted. Tell your adviser at The Finance Seer as soon as it looks likely so the paperwork can be managed rather than abandoned.
- Should I sell before I start looking?
- It strengthens your position and removes a link from the chain, but it can mean moving twice. There is no universal answer, which is why it is worth talking through with an adviser at The Finance Seer.