Mortgage rates are likely to stay in the 4-5% range this year but changes to affordability testing gives buyers a boost.
Mortgages for moving home
You may need to borrow more money if you're moving to a bigger property and for this, you have options:
Port your existing mortgage
Extend your current mortgage
Remortgage to a brand new deal
Explore mortgages for moving home
Average mortgage rates: 75% LTV (January 2025)
1-year fix - 4.39%
2-year fix - 4.71%
3-year fix - 4.67%
5-year fix - 4.5%
10-year fix - 4.82%
Average mortgage rates: 60% LTV (January 2025)
1-year fix - 4.22%
2-year fix - 4.54%
3-year fix - 4.45%
5-year fix - 4.32%
10-year fix - 4.76%
Know your budget in 2 minutes
Discover your maximum borrowing power
Establish your monthly repayments
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With no fees and no credit checks on your finances.
How do I borrow more to move home?
1. Know how much your home is worth, so you know how much equity you have in it
2. Work out how much you can afford to borrow
3. Calculate what your monthly repayments might be
4. Decide if you'd like to approach your existing lender or a mortgage broker to find the best rates
Can I take my mortgage with me?
Porting a mortgage is when you take your existing mortgage with you when moving home.
It can be a good idea if you're currently on a low interest rate and are moving to a similar or cheaper property.
But in some cases it can be cheaper to remortgage with a new lender, especially if you're borrowing more money.
How much could my mortgage repayments be?
Get a quick idea of how much it's going to cost each month or how a rate change could affect your monthly payments.
Mortgages for moving home
Allow award-winning Mojo to show you the best rates available to you. A whole-of-market broker, Mojo work with over 70 lenders. And they won't charge you a penny for their services.
How it works
Fill in a few details
Tell Mojo about yourself and your situation so that they can get to know you, provide you with advice and ensure you’re eligible. It will take around 8 minutes.
Call with an expert
Book a call and speak to one of Mojo's in-house mortgage experts, who will compare thousands of deals from over 70 lenders to find one suited to you.
Get a mortgage
Leave it with Mojo; the paperwork, the application, the bank poking and protection insurance, they'll handle all the stress. And if you’re remortgaging they could save you a lot of money.
How long does a mortgage offer last?
A mortgage offer usually last for 3-6 months, although this can vary according to the lender. If you don't buy a property within this time frame, you may need to ask for a mortgage offer extension.
Track your home's value
See how your estimate is changing every month
Check how your local area’s performing
Explore what’s on the market and what’s sold near you
Find out what local agents think you could sell for
How good is my current deal compared to other mortgages?
How you can be sure you've got the best rate for you.
The best way to compare mortgage rates
When looking for a new mortgage, you can scour the market and approach individual banks and building societies to find out the best mortgage rates available to you.
Or you can ask a mortgage broker to do the hard work for you.
Whole of market brokers often have access to deals that aren't readily available on the high street.
And they can save you a lot of time and effort.
How can I be sure I've got the best deal?
Research the best mortgage rates available from a range of lenders, or ask a mortgage broker to find the best rates for you.
The best deal for you will depend on:
How much equity you have in your home
Your loan-to-value mortgage ratio
Your credit score
The amount you need to borrow and the length of your term
Mortgage timeline for moving home
Check the equity you have in your home (instant)
Work out how much you can borrow (instant)
Get a mortgage in principle (1 week)
Find your home (12-24 weeks)
Lender valuation and private survey (2 weeks)
Secure mortgage offer (2 weeks)
Solicitor conducts searches (6-12 weeks)
Pay deposit (usually 10% of home value)
Complete on home: the property legally becomes yours (1-2 weeks)
Stamp duty calculator
Work out how much stamp duty you'll need to pay with our stamp duty calculator.
The latest news on mortgages
Are interest rates going up or down? And what does this mean for mortgages? Get the latest.
The Bank of England has cut the base rate to 4.25%. Here’s how it will impact interest rates and the mortgage market, and what it means for your move.
27% of homeowners with a mortgage are on their lender’s standard variable rate. Could you be one of them?
First-time buyers accounted for more than half of all home loans in 2023 - and more than two-thirds teamed up to secure their own homes.
The first full week back after the new year has seen buyer interest jump out of the blocks faster than last year as mortgage rates drop. Get the latest with Richard Donnell.
95% mortgage guarantee scheme extended, 40,000 new homes to be built and Local Housing Allowance unfrozen to help renters on the lowest incomes.
Marathon mortgages, cutting pensions and raiding savings: how homeowners are coping as mortgage rates hover at their highest levels for 15 years.
42% of adults aged 18-39 who don’t own a home say they’ve given up on the idea of buying one in the next ten years, including 38% of those earning £60,000+.
As lenders withdraw some of their products, we take a look at what’s triggered the current turmoil in the mortgage market and what buyers and homeowners can do.
The Bank of England’s latest increase adds a further £60-a-month to repayments for homeowners with a £200,000 variable mortgage.
Core inflation rose to a new 31-year high in May, suggesting the Bank of England will have to increase interest rates by more than previously expected.
Leeds Building Society has teamed up with Experian to incorporate regular direct debit payments into credit scores for first-time buyers.
A complete guide to buying a home
Buying a home is a big deal. From finding that perfect pad right through to exchanging contracts, we’re here to guide you every step of the way. Written in partnership with The Brain Charity to help neurodivergent folk with moving home.
Got questions on mortgages for moving home?
We know arranging a mortgage for a home move can seem complicated. So we’ve listed the questions we hear all the time.
How much can I borrow for a mortgage?
Banks and building societies usually lend 4 to 4.5 times your total household income.
The most important things they'll look at are your monthly income and your monthly outgoings, to see how much you can comfortably repay.
How can I improve my credit score?
Get on the electoral role
Get a copy of your credit report and check it for any mistakes
Pay off any outstanding debts
Clear the balance on your credit cards each month
Stay well within your credit limits
What is remortgaging?
Remortgaging swapping one mortgage deal for another – usually to pay less, borrow more or get terms that suit you better.
You might not always get the best deal by sticking with your current lender, so you should always shop around.
What do I need before I remortgage?
Ensure you've got the relevant paperwork to prove your identity, income, any financial commitments and details on your regular spending.
Check that your credit rating is in a good place and do your research to ensure you've got the best rate available to you.
Will mortgage rates go down in 2024?
Some lenders are currently offering mortgage rates below 4% but mortgage rates are unlikely to fall much further this year.
Our view is that mortgage rates will settle in the high 3% and low 4%s into 2025, meaning a modest improvement in borrowing costs over the coming months.
What types of mortgages are there?
Getting a fixed rate deal with give you certainty on what your monthly outgoings will be, as the payments will always be the same.
Tracker mortgages, discounted tracker and standard variable rate mortgages all fluctuate inline with interest rates.
Offset mortgages allow you to link your savings to your mortgage to offset the interest on your mortgage.