Moving Home Mortgages
Mortgage advice for moving home in Bournemouth & Dorset
Moving home can mean more than simply finding a new mortgage. You may already have a mortgage in place, need to understand what you can borrow for your next property, or want to know whether keeping your existing deal could be an option.
We’ll look at your current mortgage alongside your plans for the new property, explain your options clearly and help you understand what may be suitable for your circumstances.
Whether you’re upsizing, downsizing or simply moving somewhere new, your broker will guide you through the mortgage side of your move from the initial figures through to completion.
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What happens to your mortgage when you move home?
If you already have a mortgage, moving home doesn't necessarily mean starting again with a completely new deal. Depending on your existing mortgage and your circumstances, you may be able to port your current mortgage to your new property.
Porting isn't automatically the best option, though. Your existing lender will normally need to assess your circumstances and the new property, and if you need to borrow more, the additional borrowing may be on different terms or at a different interest rate.
We'll look at your existing mortgage, any early repayment charges that may apply, how much you need to borrow for your new home and the alternatives available before recommending a suitable approach.
Port your existing mortgage
If your current mortgage is portable, you may be able to take it with you when you move. We'll check how your lender's porting rules apply to your circumstances and whether keeping your existing deal makes sense.
Move to a new mortgage
Sometimes taking a new mortgage with your existing lender or a different lender may be more suitable. We'll compare the available options alongside the costs of leaving your current deal, including any early repayment charges that may apply.
Need additional borrowing?
If your new property costs more and you need a larger mortgage, we'll look at how much you may be able to borrow and how this could work alongside your existing mortgage. If you're porting your current deal, any additional borrowing may be arranged separately and could be on different terms.
Understanding your budget for your next home
When you're moving home, your budget isn't based on your income and deposit alone. The equity in your current property, the balance remaining on your mortgage and the costs involved in moving can all affect how much you have available for your next purchase.
We'll look at your current position alongside your income, regular commitments and plans for the new property to help you understand how much you may be able to borrow and what your new mortgage repayments could look like.
How much equity do you have?
Your equity is broadly the difference between the value of your current home and the amount you still owe on your mortgage. Once your existing mortgage is repaid, the remaining equity can usually contribute towards the deposit for your next property.
We'll help you understand how your current mortgage balance and available equity fit into the figures for your next purchase.
Factor in the costs of moving
As well as the purchase price of your new home, you'll need to allow for the other costs involved in moving. Depending on your circumstances, these could include legal fees, estate agent fees, surveys, mortgage-related costs, removals and any property taxes that may apply.
Understanding these costs early can help you work out how much of your available funds you want to put towards your new home.
Understand what you can afford
Lenders will assess your income, outgoings, existing commitments and other circumstances when deciding how much they may be prepared to lend.
We'll look at your circumstances and how different lenders may assess them, helping you establish a realistic budget before you commit to your next property.
Want to explore the numbers?
Use our residential mortgage calculator to get an initial idea of potential borrowing and monthly repayments.
What if your circumstances have changed since your last mortgage?
A lot can change between buying one home and moving to the next. You may have changed jobs, become self-employed, started a business, had children, taken on new financial commitments or experienced changes to your credit history.
This can affect how much you may be able to borrow and which lenders are likely to suit you, even if you've had no problems with your existing mortgage.
We'll look at your circumstances as they are now, rather than assuming that what worked for your previous mortgage will still be the most suitable option for your next one.
Has your income changed?
If you've become self-employed, moved from employment into contracting, changed the way you're paid or now receive income from different sources, lenders may assess your affordability differently.
We'll look at how your income is structured and how different lenders may approach it when considering your next mortgage.
Self-employed? Read our self-employed mortgage guide →
Has your credit position changed?
If you've had missed payments, defaults or other credit issues since taking out your current mortgage, it doesn't necessarily mean you can't move home. Different lenders have different criteria, and the details and timing of any credit problems can be important.
We'll look at your circumstances and consider which lenders may be suitable before recommending a way forward.
Concerned about your credit history? Read about mortgages with a low credit score →
How does your mortgage fit into your move?
When you're selling one home and buying another, your mortgage is only one part of the overall move. Your sale, purchase, mortgage application and legal work will often be progressing at the same time.
We'll manage the mortgage side of your move, keep you updated as your application progresses and, where appropriate, stay in contact with your lender, estate agent and solicitor so we're aware of anything that could affect the mortgage or your timescales.
Before you make an offer
It can be useful to understand your mortgage position before committing to your next property. We can look at your existing mortgage, likely equity and borrowing requirements, and arrange a Decision in Principle where appropriate.
Once your offer is accepted
We'll review the mortgage options available based on the property you're buying and your circumstances, explain our recommendation and submit your mortgage application.
We'll then deal with lender queries and keep you informed as the application progresses towards a mortgage offer.
Mortgage offer to completion
Once your mortgage offer has been issued, your solicitor will continue with the legal work required for your sale and purchase. We'll remain available through to completion and deal with anything relating to the mortgage that arises along the way.
Ready to understand your moving-home options?
Whether you're only starting to think about moving or you've already found your next property, we can look at your existing mortgage, your borrowing requirements and the options available for your next home.
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Helping home movers make their next move
Every home move is different, and sometimes plans or circumstances change along the way. Here are a couple of examples of how we've helped clients navigate their mortgage applications when things haven't gone entirely to plan.
★★★★★
“I first contacted George in relation to a house purchase and associated mortgage application.
George took the initial time to talk me through all options available and comparisons through various providers which was really helpful as his knowledge was wide and I had some non standard requirements for my application.
After providing me with two options the applications were made and George chased them through as I was working to a tight deadline and he even took time out whilst being on holiday to answer questions.
Since this point we have been forced to change the house being purchased and again, as soon as I contact George he is really quick to help me change the application details and get me a new offer.
I would thoroughly recommend both Bournemouth Mortgages and in particular George and I would not hesitate to ask for their help again in future.”
★★★★★
“Most excellent service! Bournemouth Mortgages have been fantastic and I couldn't rate them highly enough. George, who managed my mortgage application, kept up great communication throughout the whole process and gave me invaluable advice along the way.
When applying for my mortgage, I had very recently changed jobs and wasn't in the best position for applying for a mortgage, but George assured me there was a mortgage for everyone and managed to find me the right deal against the odds. I can't thank him enough and highly recommend Bournemouth Mortgages.”
Moving home mortgage FAQs
1. Can I take my existing mortgage with me when I move home?
Potentially. Many mortgages are portable, which means you may be able to take your existing mortgage deal with you to a new property. However, porting isn't automatic — you'll normally need to meet your lender's current criteria and the new property will also need to be acceptable to them.
We'll check your existing mortgage and compare porting it with the other options available before recommending a suitable approach.
2. Will I have to pay an early repayment charge when I move?
If your current mortgage is still within a deal period, an early repayment charge may apply if you repay it. Whether you'll actually need to pay one can depend on your mortgage terms and what you decide to do with your existing deal.
We'll check any early repayment charges as part of reviewing your options, so the cost of changing mortgage can be considered alongside the alternatives.
3.What happens if I need to borrow more for my new home?
If you're moving to a more expensive property, you may need a larger mortgage. If you're porting your existing mortgage, your lender may be able to provide additional borrowing, which could be arranged on different terms from your current deal.
We'll also consider whether an alternative mortgage could be more suitable rather than looking at the additional borrowing in isolation.
4. Do I need another Decision in Principle if I already have a mortgage?
Having an existing mortgage doesn't guarantee that you'll be able to borrow the amount you need for your next property. Your income, outgoings and circumstances may have changed, and lenders will assess your new borrowing requirements.
We can arrange a new Decision in Principle where appropriate to give you a clearer idea of your position before you make an offer.
5. What happens if my sale and purchase don't complete at the same time?
The timing of a sale and purchase can affect your mortgage arrangements, particularly if you're planning to port an existing deal. What happens will depend on your lender's rules, your mortgage terms and how the transactions are structured.
If the timings don't line up as expected, we'll look at what this means for your mortgage and discuss the available options with you.
6. Can I move home if I've recently changed jobs or become self-employed?
Potentially. A change in employment or becoming self-employed doesn't automatically prevent you from getting a mortgage, but lenders have different criteria for how they assess income and employment history.
We'll look at your current circumstances and identify lenders whose criteria may be suitable for your situation.
7. Can I move home if my credit history has changed?
Previous missed payments, defaults or other credit issues don't necessarily mean you can't move home. The type of credit issue, when it occurred and your circumstances now can all affect which lenders may consider an application.
We'll look at the details before recommending a suitable way forward rather than assuming your existing lender will necessarily be the best — or only — option.
8. Can I keep my current home and rent it out when I move?
Potentially. If you're planning to buy a new home while keeping your existing property to rent out, a Let-to-Buy arrangement may be an option.
This can involve changing the mortgage on your existing property while arranging a separate residential mortgage for your new home. The affordability, equity and lender criteria involved can be different from a standard home move, so we'll look at both properties and your circumstances together when considering the available options.
Moving home in Bournemouth, Poole, Christchurch & across Dorset and Hampshire
Whether you're moving to a larger home, downsizing or simply looking for somewhere that better suits your circumstances, we help home movers across Bournemouth, Poole, Christchurch and the wider areas find the mortgage that fits their move.
If you're considering a new home within the local area, you can also explore our residential mortgage guides for some of the areas we serve.
Boscombe Boscombe East & Pokesdown
Ready to plan your next move?
Whether you're just starting to think about moving or you've already found your next home, we'll help you understand what happens to your existing mortgage, how much you may be able to borrow and which options may be suitable for your circumstances.
Speak to us for clear, personal mortgage advice and a better understanding of your next steps.
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Looking for something else?
Explore our residential mortgage advice or view all mortgage services from Bournemouth Mortgages.