If you’re planning to move home, you’ll usually need a new mortgage or make changes to your existing one. Whether you’re upsizing, downsizing, or relocating, understanding your options early can make the process much smoother.

Your mortgage will be one of the biggest parts of your move, so it’s important to make sure it fits your new situation. From how much you can borrow to what your monthly payments might look like, getting the right setup in place can help you move with confidence and avoid unnecessary stress.

What is a moving home mortgage?
A moving home mortgage isn’t a specific product, but rather the process of arranging a mortgage when you’re buying a new property. This could involve taking out a completely new mortgage or transferring your existing deal to a new home, depending on your circumstances.

In some cases, you may be able to “port” your current mortgage to your new property. This means keeping your existing deal, although you may still need to borrow more if the new property is more expensive. If porting isn’t an option, you’ll need to apply for a new mortgage altogether.

What’s different when moving home?
When you move home, lenders will reassess your situation as if you’re applying for a mortgage again. This means looking at your income, spending, credit history, and the value of the new property.

If you’re buying a more expensive home, you may need a larger loan. If you’re downsizing, you might reduce your borrowing. Either way, your deposit — often coming from the sale of your current home — plays a key role in what options are available.

How much can you borrow when moving home?
The amount you can borrow depends on your financial situation and the value of the new property. Lenders will consider your income, existing commitments, and how much equity you have in your current home.

If your current property has increased in value, you may have built up equity, which can act as a deposit for your next home. This can open up more options and potentially improve the deals available to you.

Things to consider when moving home
Moving home involves more than just choosing a property. You’ll also need to think about timing, as your sale and purchase will often need to line up. There may also be additional costs such as legal fees, surveys, and moving expenses.

Because there are more moving parts compared to a first-time purchase, many people choose to speak with a mortgage broker to help guide the process and explore options across different lenders.