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Home Mover Mortgage – what does it mean?

If you are already a homeowner with a mortgage and are looking to move to a new home, what happens? Is it better to look into getting a new loan or to use an already existing one, even though that could lead to an increase in the size of your debt? It can be quite a complicated process at a time which should be exciting as you move to somewhere new. We can help to talk you through your options, so you know what could work best for you as you come to move home with a mortgage.

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What does HomeMover mean?

When it comes to moving home, one of the first things that you need to take into consideration is looking at how much you would be able to borrow. From there you would need to find the best home mover mortgage that will suit your individual circumstances. Home mover mortgages are for when you change your mortgage provider, you move to a more expensive property, or where you downsize and your monthly repayments will be reduced.


Porting is where you transfer your current mortgage to your new property, meaning that the mortgage is ‘portable.’ There will still need to be an application process for the mortgage loan, and in some instances you might need to increase the mortgage because of the new cost of the property. If this is the case, a new arrangement fee will be added on, so checking what this will be is a good idea first. If you need an additional loan for higher property cost, then you could face higher interest fees.

Remortgaging with an existing lender

You could also look at the option of replacing your mortgage with your current lender, by getting a new loan with them. This remortgage could mean finding a better mortgage rate, but there could be some extra costs associated with this, as there may be an early repayment charge, for example. The fees connected with this do depend on what was left on your current mortgage deal. If you are nearly finished, then there will be less to pay.

Remortgaging with a new lender

You may find that through our help, you might be best to get a new mortgage for your new home with a new lender. This could be to help you to pay off your existing mortgage, or to pay for it by selling your current home. If you are selling in an area where house prices have increased, then it could be of benefit. However, there are usually some early repayment fees with existing lenders to bear in mind, as well as arrangement and valuation fees.

How can a mortgage broker help?

There are a number of mortgage providers out there, but the good news is that when you use a mortgage broker, they do the leg work for you. It can be a long process, but they will look at your personal circumstances, budget, and current situation, to work out what the better mortgage options will be. The good news is that there are a number of benefits of using a broker. If in any circumstance the information given is incorrect, you are covered by the Ombudsman.

Get in touch with us today to discuss your options and how we can help you.

Your home may be repossessed if you do not keep up repayments on your mortgage.