Next time buyer mortgages

Compare mortgages for your next home with Mojo Mortgages[1]

Changing mortgages when you buy your new home

When moving home you might decide to end your current mortgage and start a new one, perhaps so you can make lower monthly repayments, or to get a different type of mortgage altogether.

Alternatively, you can move your current mortgage to your new property (sometimes called ‘porting’ - it might be more cost effective if you’re subject to early repayment fees.

Compare mortgages and talk to a fee-free mortgage adviser[1] to find out what your options are when moving home.

next time buyer mortgages
The average loan size for home movers was £225,756 in June 2019[2]

Find a mortgage to suit your needs today.

Is getting a new mortgage when you move house right for you?

Moving house could be a great opportunity to change your mortgage, but it could prove more beneficial to port your current mortgage instead, depending on your circumstances.

Getting a new mortgage for your new home could be right for you if:

  • You want to switch to a mortgage with a lower interest rate - switching to a mortgage with a lower rate could reduce the cost of your monthly repayments.
  • You need a different kind of mortgage - you might want to switch from an interest only to a repayment mortgage, or perhaps you need a specialist mortgage for your new home

Alternatively, you might prefer to port your current mortgage if:

  • You like the deal that you’re currently on - if you’re still within your initial mortgage term, you might be able to move your existing mortgage to cover your new property.
  • You don’t want to pay early repayment fees - if you're locked into a mortgage deal, check whether you’d need to pay early repayment charges.

Fees to look out for when mortgaging a new home

Just like when you got your first property, there are additional costs to consider when getting a mortgage and moving home.

  1. Early repayment charges

    If you leave your current mortgage before your initial deal finishes, your existing lender will charge you a percentage of your current mortgage

  2. Exit/closure fee

    This is an amount you pay your current lender when you repay your mortgage.

    If you’ve paid a mortgage account fee, the closure of your account might be included in that, so you might not have to pay the exit fee

  3. Deeds release fee

    This is what you pay your existing lender for forwarding on your title deeds to your solicitor, but not all lenders charge it and it could be called a mortgage completion fee, an administration fee or a discharge fee

  4. Broker and advice fees

    If you're not comfortable handling your mortgage application by yourself, or you need advice before you commit to a mortgage, factor in these costs

  5. Arrangement and booking fees

    This is the fee you pay your new lender to set up your mortgage

  6. Property valuation and survey fees

    What you pay your mortgage lender to check the new property’s suitability and evaluate its worth

  7. Legal fees

    This is the amount you pay your solicitor for any legal work required to get your new mortgage

  8. Stamp duty

    You have to pay Stamp Duty Land Tax (SDLT) if your new home costs more than:

    £125,000 in England and Northern Ireland;
    £145,000 in Scotland
    £180,000 in Wales

  9. Moving costs

    This could include the amount you pay removal companies to transport your belongings, how much you’ll need to budget to buy new household items, and the price of home insurance

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[1]For online mortgage comparison and advice introduces customers to Mojo Mortgages which is authorised and regulated by the Financial Conduct Authority. Mojo Mortgages is a trading name of Life’s Great Limited.’s relationship with Life’s Great Limited is limited to that of a business partnership, no common ownership or control exists between us. Please note, we cannot be held responsible for the content of external websites and by using the links stated to access these separate websites you will be subject to the terms of use applying to those sites.