Planning a Move? Let’s Talk About Your Mortgage Options
Thinking of moving home but unsure what to do with your current mortgage? Whether you're upsizing, downsizing, or relocating, there are several options available. Here's a simple guide to help you understand your choices and make your move with confidence.
Thinking of Moving? Here’s What You Can Do With Your Current Mortgage
Personal advice from your local property experts
At Lloyds Estate Agents, we know that moving home isn’t just a transaction—it’s a big life moment. Whether you're searching for more space, a fresh start, or something that better fits your lifestyle, we’re here to guide you through it, thoughtfully and personally.
One of the first questions we hear from local homeowners is:
“What happens to my current mortgage if I move?”
It’s a great question—and the answer depends on your circumstances. As your trusted local experts, we’re here to help you explore the options so you can make informed, stress-free decisions about your next chapter.
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Porting Your Mortgage – Take It With You
Many mortgages are *portable*, meaning you might be able to move your existing mortgage deal across to your new home. This could be ideal if your current interest rate is competitive.
Why it might suit you:
- You can keep your current rate and terms.
- It often avoids early repayment fees.
- It keeps things simple if the move is straightforward.
Things to keep in mind:
- You’ll still need to meet your lender’s affordability checks for the new property.
- If you need to borrow more (say, for a larger home), the extra amount may be charged at a different rate.
- Not all mortgages are portable—so it's important to check with your lender early on.
Settling Your Current Mortgage and Starting Fresh
Another option is to repay your current mortgage and apply for a new one on your next home. This may make sense if your existing deal isn’t portable, or if you’re ready for a better fit.
You might prefer this route if:
- You want to explore new deals or lenders.
- You’re no longer in a fixed-rate period (meaning no exit fees).
Be aware:
- If you’re still in a fixed-term deal, early repayment charges may apply.
- You'll go through a full mortgage application for the new home.
Let-to-Buy – Keeping Your Current Home as an Investment
Some homeowners choose to hold onto their current property and rent it out—using the equity or rental income to support the purchase of a new home. This is called let-to-buy.
Why it could work:
- You turn your home into a long-term investment.
- Rental income may help cover mortgage costs.
- You still get to make your move.
Points to consider:
- You'll need to qualify for two mortgages.
- Let-to-buy mortgages often come with slightly higher interest rates.
- Managing a rental comes with responsibilities—legal and financial.
Re-mortgaging to Release Equity Before You Move
If you’ve built up equity in your current home, you may be able to re-mortgage and release some of that value to help fund your move.
This could help if:
- You need extra funds for your deposit or moving costs.
- You’re still weighing up the timing of your move.
Just be cautious:
- If you sell shortly after re-mortgaging, you might face early repayment charges.
- Your monthly repayments could go up in the short term.
We’re Here to Help—Every Step of the Way
No two moves are the same. That’s why we take the time to understand your situation, your goals, and what matters most to you. Whether you’re moving around the corner or across town, we’re here with grounded advice that puts you first.
As local property experts, we know the area inside and out—and we work with trusted, independent mortgage advisers who can help you find the right solution, not just the easiest one.
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Thinking about your next move? Let’s talk.
Whether you’re ready to get going or just gathering information, we’d be happy to have a friendly, no-pressure chat about your plans. We’re always here to help—with care, clarity, and local knowledge that makes all the difference.
Pop into the office, give us a call, or drop us a message—we’d love to hear from you.
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