Moving home mortgages

Ready to move? Cleerly is here to help.

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Moving home mortgage experts

We know you may have done this before, perhaps more than once, but we also know that moving home is often a stressful, time-consuming process. As a specialist mortgage broker with over 20 years' experience, Cleerly is here to offer a helping hand.

Moving home is an exhilarating journey filled with exciting moments like house hunting, exploring new neighbourhoods, and envisaging how you're going to decorate and remodel your home. However, these joys can sometimes be overshadowed by the challenges of securing a mortgage, compounded by the fact that most lenders don’t really cater for specialist circumstances, such as mortgages for contractors or applicants with complex or multiple income streams.

Making the right mortgage choice is crucial, whether you're downsizing, upsizing, or moving into your dream home. Even if you've navigated the mortgage process before as a first-time buyer, the added complexity of selling your current home can add extra layers of stress. But don't worry – Cleerly's experienced mortgage experts are here to simplify the process and make your house move as smooth as possible.

Let Cleerly take the stress out of obtaining the right home moving mortgage so you can focus on getting everything boxed up, ready for the move. Just give us a call on 02394 212 912 or complete an online quote.

Moving Home - Expert Commentary

Olivia Harland

Moving Home - Expert Commentary

Olivia Harland, Senior Mortgage Consultant

"Contrary to economists' predictions, 2024's property prices have remained relatively stable with only slight fluctuations. As mortgage rates have steadied, and in some instances started to decline in tandem with the Bank of England's interest rate reduction, first-time buyers and home movers are feeling more confident.

"While it's impossible to pinpoint the perfect time to buy, if you've found a property that meets your needs, don't wait. With Cleerly Mortgage's expert guidance, you may be able to secure affordable financing and move into the home of your dreams."

Your Trusted Partner for Moving Home Mortgages

Securing the right mortgage is just as crucial as finding the perfect home.

At Cleerly, our mission is straightforward: to offer you clear, simple mortgage advice. We'll help you determine how much you can borrow, what it will cost, and which type of mortgage suits you best—whether you're in a specialist profession, self-employed, have Limited Company buy to let properties, or have a complex income stream.

Your dedicated client service manager will take care of all the paperwork for you and keep you informed of the progress of your mortgage. We access the whole of the market which means we can source the best mortgage from all lenders.

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In order to finance a move, we intended to port our mortgage and extend the borrowing, but our existing lender through in so many curveballs that is was impossible to stay with them. Matthew worked tirelessly to find us a second option which we then secured. I can't imagine what would have happened without his help and support throughout.
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As a contractor, working under an Umbrella Company, it seemed to be complicated in finding a broker that understood the best lender for my circumstances. PCM really helped keep the process clear and simple, and they didn't give up on me when we hit some stumbling blocks along the way. Highly recommend if you are a contractor or otherwise! Thanks for helping me secure my first home!
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I would recommend Will, from the first initial introduction that I had with him he gathered enough details on what my needs were and what as a company they could offer. Very professional, financial consultant company who kept me abreast from the word go he also explained any legal jargon and financial implications very clear. Would I use them again, yes especially when it comes to mortgage or remortgage you want someone with experience and knowledge to help with your search and assure what you are committing. So, thank you for your excellent service and negotiating a deal on my behalf.
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Fantastic service from start to finish, responsive, understanding and helpful all the way through the process. The company is fantastic and cares about your needs and helps every step of the way. Amazing service from Dil a real credit to the company. Would recommend this company again and again.
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What mortgage options are available for home movers?

Porting Your Mortgage When Moving House

When you're buying a new home, you might not need a new mortgage. Many mortgages are "portable," allowing you to transfer your current lender's deal to your new property.

Porting your mortgage is a popular option because it helps you avoid early repayment charges (ERCs). With UK mortgage interest rates currently higher than they've been in a while, many homeowners may benefit from staying with their existing deals.

 

Key Considerations for Porting Your Mortgage

Re-qualification: Even though you're keeping the same mortgage, you'll need to re-qualify. This involves affordability checks and a valuation of your new property.

Challenges When Upsizing: If you're moving to a more expensive home, not all lenders will agree to increase your loan amount. They might require you to take out a separate mortgage to cover the additional cost, which could result in managing two different interest rates and terms.

 

Advantages of Sticking with Your Current Lender When Moving House

  • Favourable Mortgage Terms: Your current mortgage deal may offer better terms compared to new home mover mortgages available in the market.
  • No Early Repayment Charges: You can avoid paying Early Repayment Charges (ERCs) or waiting for your current deal to end.
  • No Arrangement Fees: You won't incur an arrangement fee, saving you additional costs.
  • Simplicity and Speed: The process is generally quicker and more straightforward, making your move less stressful.

Home Mover Mortgages

Home mover mortgages are tailored for existing homeowners looking to purchase a new property. These options are not suitable for first-time buyers or those looking to remortgage.

In 2023, nearly one-third (31.5%) of all gross mortgage advances in the UK were home mover mortgages, making them the most common reason for obtaining a mortgage that year.

If you can't port your mortgage or want to explore more competitive deals, a home mover mortgage from your current lender or a new one might be the solution to purchasing your new home.

 

Key Considerations for Home Mover Mortgages

Leaving Fees: Early Repayment Charges (ERCs) often apply if you switch to a new mortgage before your existing deal ends. Your Cleerly Mortgage Consultant will calculate the cost of these fees to determine whether switching mortgages or porting your current one is more beneficial.

Downsizing Benefits: Porting your mortgage can be cheaper and quicker if you’re down-sizing and don’t need to borrow more. This could be a more favourable option for some homeowners.

 

Benefits of Switching to a New Lender When Moving House

  • Potential for a Better Deal: You might secure a more advantageous mortgage deal than what you currently have.
  • Simplified Borrowing: If your current lender can't extend your borrowing without requiring a second mortgage, switching to a new lender could allow you to set up a single, streamlined mortgage.
  • Flexible Options: Moving to a new lender gives you the chance to compare various mortgages, adjust your interest rate type, change your repayment plan, or find more flexible terms.

Choosing to stay with your current mortgage deal or secure a new loan can be a tough decision to make. Cleerly's expert mortgage consultants will work with you to objectively weigh up the best option.

Our mortgage advisers review the whole market to find out whether porting or switching mortgage deals is the best option for you.

Cleerly will also have access to intermediary, broker-only deals not available to the public.

Specialist professions

We're proud to work with clients in specialist roles who don't fit the typical high street lender mould

Contractor mortgages

IT | Oil and Gas | Engineering | Financial Services | Legal | Compliance | Medical | Project Management | Business Analysts | CIS | Seafarers

Locum mortgages

Doctors | Consultants | Nurses | Pharmacists | Veterinarians | Optometrists | Social Workers | Legal | Compliance | Human Resources | Financial Services | Teachers

Complex incomes

Medical | Barristers | Legal | Project Management | IT | Oil and Gas | Engineering | Financial Services | Business Analysts | Seafarers

Restricted stock unit income

Amazon | AWS | Meta | Google | Microsoft | ARM | Salesforce | Nvidia | Verizon

Professionals

Doctors | Dentists | Vets | Lawyers | Accountants | Engineers | Architects | Actuaries | Optometrists | Pharmacists | IT

IT Professionals

Employed | Contractors | Systems Analysts | Web Developers | Software Developers | Network Engineers | Cyber Security | Network Architects | IT Directors | Cloud Engineer

Young professionals

Chartered Accountant | Actuary | Barrister | Commercial Pilot | Dentist | Doctor | Solicitor

Understanding Mortgage Costs When Moving House

Here's a breakdown of the various costs you may encounter when moving house and securing a mortgage loan:

Stamp Duty

Stamp Duty is the tax you pay when purchasing a property or land over a certain value in the UK. We recommend the UK Government's Stamp Duty calculator to find out how much you'll need to pay.

Mortgage Valuation

Your lender will arrange a mortgage valuation on the property you want to buy. This ensures the property is worth the amount you wish to borrow and is suitable as mortgage security. You can also opt for additional house surveys to get more information on any potential future work or the structural integrity of the property.

Conveyancing/Solicitors’ Fees

After accepting your mortgage offer, your conveyancer or solicitor will handle all the paperwork for your new property.

Home Insurance

All lenders require that you have buildings insurance on your new property. If you are buying an apartment this may not need to be bought separately, as there is usually a block policy in place for the building that all owners will contribute to. Consider purchasing contents insurance as well for added protection, which will not be included within a block policy

Mortgage Broker Fee

Mortgage brokers usually charge a fee for arranging your moving house mortgage. This fee will be discussed during your initial meeting with your adviser.

Removal Fees

If you don't plan on moving your belongings yourself, you'll likely need a removal company.

Product Fee

If you're porting your mortgage with your existing lender and need to borrow a larger amount, your lender may charge a Product Fee.

Early Repayment Charges (ERCs)

You'll incur an ERC if you pay off your current mortgage before the introductory period ends to switch to a new product.

Lender’s Arrangement Fee

This fee covers the cost of setting up your mortgage and can be either a flat fee or a percentage. Your lender will inform you of the amount.

Booking Fees

A booking fee is a one-time application fee to book and reserve the mortgage rate while your request is processed.

Need a helping hand?

Cleerly can't move your sofa or box up all your belongings...but we can take the pain out of applying for a mortgage

Whether you’re looking to get the ball rolling on a mortgage application or you’re just after some friendly advice, don’t hesitate to give us a call on 02394 212912 or request a call-back.

Trusted lenders we work with

Nationwide
Scottish Widow
The Mortgage Works
NatWest
Skipton
Barclays
Halifax
Metro Bank
HSBC
Virgin Money
Accord
Birmingham Midshires

Moving home mortgages FAQs

Navigating the mortgage application process with a complex income can be tricky. Lenders often see multiple income streams or irregular earnings as higher risk, no matter how much you earn. This means you might face more rigorous application procedures and the need for extra documentation to prove your affordability. However, Cleerly partners with lenders who specialise in complex income scenarios, ensuring you get the best deal tailored to your financial situation.

Yes, it's possible!

If your current home is worth more than the new one, you might secure a mortgage that covers the entire cost of the new property. Just ensure your mortgage doesn't have early repayment penalties (ERCs), so you can sell and repay it without hefty fees.

If you can't get a standard residential mortgage, consider a Bridging Loan. These can be costlier due to their short-term nature but can provide the necessary funds until you sell your current home. For more expensive new properties, you might need a Bridging Loan for the deposit and a standard mortgage for the rest. Make sure any new mortgage allows for penalty-free adjustments after selling your initial property.

Typically, you'll need:

  • Your ID and proof of address
  • Proof of income
  • Three months' bank statements
  • Proof of expenses
  • Proof of deposit

Your Cleerly mortgage consultant will inform you if additional documentation is needed.

Yes, you can. This process is called "porting", which involves transferring your existing mortgage deal to your new property.

While this won't avoid affordability and credit checks, it allows you to keep the favourable interest rate from your original mortgage, which can be better than current market rates.

Using a mortgage broker such as Cleerly when moving home offers several benefits. Whether you have a complex income stream, are self-employed or work in a specialist profession, our consultants will provide expert advice tailored to your circumstances.

With over 15 years in the business, Cleerly has access to a wide range of mortgage products and can secure exclusive contractor mortgage deals not available directly to the public.

Contact us today on 02394 212 912 to find out how we can help you!

It depends on whether you need to borrow more or less when moving. If you're porting your mortgage on the same terms, your repayments usually stay the same. However, it's rare to find a new home valued exactly the same as your current one, so expect some change in your repayments.

Equity in your current property can often be used as a deposit for your new home. If your property has appreciated in value or you've paid off a significant portion of your mortgage, this equity can serve as a substantial deposit, making your new mortgage more affordable.

Usually, you can use the equity in your current home as the deposit for your new mortgage, eliminating the need to save a new deposit as you would if you were a first-time buyer. You can improve your Loan-To-Value (LTV) ratio by adding extra savings to your deposit. Sometimes, a cash deposit might be necessary to meet the lender's minimum LTV requirements.

You can often increase your borrowing when you port your mortgage, provided you meet the lending criteria for the larger loan. Some lenders might require you to take this increased loan as a separate part to the mortgage, leading to two parts to the loan at different rates, possibly over a different number of years. In such cases, remortgaging to a new home mover product might be simpler, allowing you to consolidate your borrowing into one mortgage.

It can, especially if you move frequently, as long-term residency is seen as a sign of stability. Delays in being reinstated on the electoral roll at your new address can also temporarily affect your credit score. Multiple mortgage applications in a short period can lower your score, so working with a specialist mortgage broker can help you find a suitable lender without multiple credit searches.

This depends on whether you're porting your mortgage or opting for a new one. Some lenders allow porting within a set timeframe, typically 30 days. If selling your current home takes longer, consider a new mortgage deal with a flexible completion date.

If you have a great fixed rate, ask your lender if your mortgage is portable. If not, you might need to switch to a new product and find the best fixed rate with a different lender.

Several factors influence this decision, including:

  • Why you're moving
  • How long you plan to stay in the new home
  • Monthly repayment affordability
  • Loan amount
  • Retirement plans
  • Future financial changes

Your Cleerly Mortgage Consultant will help you choose the mortgage term that best fits your current and future needs.

Switching typically takes 4-8 weeks but can take longer if complications arise. Consulting an experienced mortgage broker early in the process can help ensure a smooth transition.

Want to learn more about your mortgage options?