Moving home guide: your mortgage options

Work out the money available for your move

Start with a realistic expected sale price and your outstanding mortgage balance. Ask your existing lender about redemption costs and check selling fees before treating the difference as money available for the next deposit.

Keep a separate budget for legal work, surveys, moving, mortgage fees and any property purchase tax. Tax depends on where the property is, ownership history and your circumstances, so ask your conveyancer to confirm the position. Leave a buffer for unexpected costs and changes in the sale price.

Understand what porting means

Porting usually means transferring an existing mortgage deal to a mortgage on your new property, subject to the lender’s rules. It is not automatic permission to move the loan to any home. Your circumstances, the property and any extra borrowing will need to meet the lender’s requirements.

Ask about the rate and term for any additional borrowing, whether the existing and new parts end at different times, and what happens if you borrow less. If your sale and purchase do not complete together, charges or refund conditions may apply. Get the details for your particular lender in writing.

Compare the alternatives

A portable deal may be useful, but compare its total cost with taking a new mortgage. Include early repayment charges, fees and the cost of any extra borrowing. Consider how long you expect to stay and whether you want flexibility to overpay.

Talk through affordability using your current income and spending, rather than relying on what was approved for your previous home. A longer term may lower monthly payments while increasing the total interest paid. An agreement in principle can help you plan, but it is not a guaranteed mortgage offer.

Prepare for the property and the chain

• Give MOVA your current mortgage details, income information, deposit plan and proposed purchase price.
• Tell your adviser if the property is leasehold, unusual, needs substantial work or has an auction deadline.
• Choose a conveyancer and discuss the sale, purchase and chain timetable.
• Arrange an appropriate survey: a lender’s valuation is not a detailed condition survey.

Avoid committing to a completion date until the people handling your mortgage and legal work have checked what is achievable. A chain, valuation, legal enquiries or changes to your circumstances can affect the timetable.

Check the final arrangements

Review the mortgage offer, conditions, expiry date and total costs. Confirm the arrangements for redeeming your current mortgage, moving funds and starting insurance. Keep your adviser updated if borrowing, employment or the property changes.

In England and Wales, the purchase normally becomes legally binding at exchange of contracts; your conveyancer should explain when you are committed and how the process differs elsewhere. Independently verify payment details with your conveyancer before sending money.

Related MOVA guides

Keep planning your next step.

• Mortgage deal ending? A practical remortgage checklist
• Bridging finance guide: costs, timing and your exit plan