Moving Home Mortgages

Planning Your Mortgage When Moving House

Moving to a new home is an exciting step, whether you are upsizing, downsizing or relocating to a new area. Alongside the practical aspects of moving, it is also important to review your mortgage and understand the options available for financing your next property.


Harmony Mortgages helps homeowners explore suitable mortgage options when moving house. Whether you plan to transfer your existing mortgage or arrange a new one, we guide you through the process so you can move with confidence.

Can You Transfer Your Mortgage to a New Property?

Some mortgages are portable, which means they can be transferred to a new property when you move.



This allows you to keep your current interest rate, which may be beneficial if you secured a competitive deal previously.

However, even if your mortgage is portable, the lender will usually reassess:

  • affordability
  • credit history
  • property value

Approval is not automatic, so it is important to review your options carefully.

When You May Need a New Mortgage

In some situations, moving home requires arranging a completely new mortgage.


This may happen if:

Your existing mortgage

is not portable.

You want to

switch lenders.

You need to borrow

more money.

Your property value

has changed.

A mortgage adviser can help compare lenders and identify suitable mortgage options.

Using Equity When Moving Home

If your current property has increased in value since you bought it, you may have built up equity.


Equity is the difference between the value of your property and the remaining mortgage balance.


When selling your home, this equity can often be used as the deposit for your next property. A larger deposit can sometimes help access better mortgage deals.

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Steps to Arranging a Mortgage When Moving

Step 1

Review Your Current Mortgage

Discuss your finances with a mortgage adviser.

Step 2

Calculate Your Budget

Understand how much you may be able to borrow for your next property.

Step 3

Secure an Agreement in Principle

This shows estate agents that you are financially prepared to purchase.

Step 4

Submit Your Mortgage Application

Once an offer on a property is accepted, your adviser can submit a full application.

Why Speak to a Mortgage Adviser Before Moving

Moving home can involve several financial decisions, particularly if you are increasing or reducing your mortgage.



Harmony Mortgages can help you review your current mortgage and explore suitable options for financing your next property.

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FAQs

  • Can I move house without changing my mortgage?

    If your mortgage is portable, you may be able to transfer it to your new property.

  • Do I need a new mortgage when moving house?

    Sometimes. This depends on whether your existing mortgage can be transferred.

  • What happens if my new home is more expensive?

    You may need to borrow additional funds or take out a new mortgage.

  • Can I move house during a fixed rate mortgage?

    Yes, although early repayment charges may apply if the mortgage cannot be ported.

  • What is mortgage portability?

    Mortgage portability allows borrowers to transfer their existing mortgage to a new property.

  • Do lenders reassess affordability when moving?

    Yes. Lenders normally carry out new affordability checks.

  • Can I borrow more when moving home?

    Yes. Many homeowners increase their borrowing when purchasing a larger property.

  • How long does the mortgage process take when moving?

    Mortgage applications typically take between four and eight weeks.

  • Should I review my mortgage before selling?

    Yes. Reviewing your mortgage early helps you understand your options.

  • Can Harmony Mortgages help when I move house?

    Yes. Harmony Mortgages can review your existing mortgage and help you explore suitable mortgage options.