Home movers
Moving home means reviewing the mortgage as well as the property.
Whether you are upsizing, downsizing or simply moving to a new area, our advisers can help you understand how your existing mortgage, available equity and next borrowing requirement fit together.
Existing property
Review mortgage & equity
Next property
Structure the new borrowing
Moving to your next home
Your existing mortgage is part of the next purchase decision.
Moving home can involve several mortgage decisions happening at the same time.
Your current mortgage may still be in a fixed-rate period, you may have significant equity in the existing property and your next purchase may require more or less borrowing than before.
The first step is therefore understanding what happens to your existing mortgage when the property is sold and how that fits with the borrowing required for the next home.
Before you move
What can affect your next mortgage.
Moving home involves both the mortgage you already have and the mortgage you may need next.
01
Existing mortgage
Your current lender, mortgage rate, outstanding balance and any early repayment charges can all affect the options available when you move.
02
Equity
The equity released from the sale of your current property will normally contribute towards the deposit for your next purchase.
03
Affordability
A lender will assess your income, commitments and household circumstances against the borrowing required for the new property.
04
Property chain
Where a sale and purchase depend on multiple transactions completing together, timing and communication can become particularly important.
05
Porting
Some mortgages can be transferred to a new property, although the lender will still need to assess the new application and property.
06
Changing borrowing
Moving home can be an opportunity to increase, reduce or restructure your mortgage depending on your new property and wider plans.
Porting your mortgage
You may not need to leave your current mortgage behind.
Many mortgage products are portable, which means the existing product may be transferred to the new property when you move.
However, porting does not guarantee approval. Your lender will normally carry out a fresh affordability assessment and review the new property before agreeing to the move.
Review your existing mortgage
Important
A portable mortgage still requires the lender to approve the new application and property.
Mortgage options
There may be more than one route to your next home.
Whether you stay with your existing lender or arrange a new mortgage depends on the current mortgage, property, affordability and borrowing required.
01
Port your existing mortgage
Some lenders allow an existing mortgage product to be transferred to a new property. This can sometimes help preserve an existing rate, but the lender will still reassess affordability and the property.
02
Remortgage to a new lender
If your current mortgage is not suitable for the next purchase, moving to another lender may provide an alternative route depending on your circumstances.
03
Combine existing and new borrowing
Where additional borrowing is required, some lenders may allow the existing mortgage to be ported while a further amount is taken on a different product.
Equity & deposit
The equity in your current home can shape the next purchase.
When your current property is sold, the existing mortgage is normally repaid from the sale proceeds. The remaining amount, after relevant sale costs, may then form part of the deposit for your next property.
A larger equity position can reduce the loan-to-value of the next mortgage, while moving to a higher-value property may require a larger overall borrowing amount.
Timing the transaction
A home move often depends on more than your own transaction.
Property chains can make timing one of the most important parts of the moving process.
Your purchase may depend on your existing property being sold, while your buyer may also be waiting on another transaction. The mortgage application, valuation and legal work therefore need to progress alongside the wider chain.
Our administration team can help manage the mortgage side of the transaction and keep you informed as the application moves through underwriting and mortgage offer.
The moving process
From reviewing your current mortgage to completing your move.
Our adviser and administration team can help manage the mortgage process alongside your sale and purchase.
Review your current position
We begin by looking at your existing mortgage, outstanding balance, current rate, any early repayment charges and the equity available in your property.
Understand your next purchase
Your adviser considers the price range you are looking at, the deposit likely to be available from your sale and the borrowing required for your next home.
Assess your options
We consider whether your current mortgage can be ported, whether a new lender may be more appropriate and how the timing of your sale and purchase affects the structure.
Prepare the application
Once a suitable route has been identified, we prepare and submit the mortgage application with the required supporting documents.
Coordinate the move
Our adviser and administration team remain involved throughout lender underwriting, valuation and the wider transaction.
Complete
We continue to support the case through mortgage offer, exchange and completion of your sale and purchase.
Lender access
Your current lender is only one part of the picture.
The appropriate route may involve porting your existing mortgage or arranging new borrowing elsewhere. Different lenders assess affordability, property and income in different ways.
Lender availability and suitability depend on individual circumstances and lending criteria.
Why Intra
Mortgage advice that considers both sides of the move.
Moving home means understanding the mortgage you already have as well as the borrowing required for the property you want to buy.
01
Review the current mortgage
We consider the existing rate, balance, term, repayment charges and whether the mortgage may be portable.
02
Understand the next purchase
Your adviser considers the new property, available equity and borrowing required.
03
Compare lending routes
We can consider remaining with the existing lender as well as potentially relevant alternatives.
04
Support through the transaction
Our administration team remains involved through underwriting, valuation, offer and completion.
Related mortgage requirements
Explore other residential mortgage options.
Existing borrowing
Remortgages
Reviewing your current mortgage and considering what comes next when your deal ends or circumstances change.
Higher-value lending
Large Mortgages
More substantial borrowing across mainstream, specialist and private-bank lending routes.
Buying a home
First-Time Buyers
Guidance through affordability, deposits, lender criteria and the mortgage application process.
Frequently asked questions
Home mover questions.
These answers are general. Your own mortgage options will depend on your current mortgage, new property and wider circumstances.
01Can I take my existing mortgage with me when I move?
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Can I take my existing mortgage with me when I move?
Potentially. Many mortgages are portable, meaning the existing product may be transferred to a new property. However, porting is not automatic. The lender will normally reassess your affordability, circumstances and the new property.
02What happens to my mortgage when I sell my home?
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What happens to my mortgage when I sell my home?
Your existing mortgage is usually repaid from the sale proceeds on completion. If you are porting the mortgage, the lender may allow the product to be transferred to the new property subject to its criteria.
03Can I borrow more when I move house?
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Can I borrow more when I move house?
Potentially. Additional borrowing will depend on your income, commitments, deposit, loan-to-value and the lender's affordability assessment.
04What happens to the equity in my current home?
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What happens to the equity in my current home?
After repaying the existing mortgage and sale-related costs, the remaining equity can usually form part of the deposit for your next property.
05Can I move if I am still in a fixed-rate mortgage?
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Can I move if I am still in a fixed-rate mortgage?
Yes, but you may need to consider whether the mortgage can be ported or whether an early repayment charge applies if the existing loan is redeemed.
06Do I need a new mortgage offer before exchanging contracts?
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Do I need a new mortgage offer before exchanging contracts?
In most cases, you should have a formal mortgage offer in place before committing to exchange contracts. Your solicitor will normally advise you on the legal position.
07Can Intra help if my sale and purchase are in a chain?
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Can Intra help if my sale and purchase are in a chain?
Yes. Our adviser and administration team can help manage the mortgage side of the transaction and remain in contact as the application progresses.
Your home or property may be repossessed if you do not keep up repayments on your mortgage or other loan secured upon it.
Planning your move
Understand the mortgage before you make your next move.
Speak with an Intra adviser about your current mortgage, available equity and plans for your next property.
enquiries@intra-pf.com