Mortgage rates are not expected to fall further this year, but rising wages are likely to improve affordability for buyers as house prices stay flat.
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
How much can I borrow?
Get a quick idea of what you might be able to borrow for your next home.
How do I borrow more to move home?
Firstly, calculate how much equity you have in your home, to help you understand how much you'll need to borrow.
You can then decide to borrow more with your existing lender and port your mortgage, or remortgage completely with a new lender.
It's a good idea to speak with a whole of market mortgage broker as well as your current lender to find out all of the options available to you.
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.
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?
The best way to know you've got the best deal for you is to:
Understand how much equity you have in your home
Know your loan-to-value mortgage ratio
Ensure your credit score is in a good place
Research the best mortgage rates from a range of lenders or ask a mortgage broker to find the best rates and deals for you.
Save money with Mojo Mortgages
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
Mortgage timeline for moving home
Check the equity you have in your home
Work out how much you can borrow
Get a mortgage in principle
Find your home
Lender valuation and private survey
Secure mortgage offer
Solicitor conducts searches
Pay deposit (usually 10% of home value)
Complete on home: the property legally becomes yours
Stamp duty rates for home movers
Up to £250,000 - 0%
£250,000 and £925,000 - 5%
£925,000 and £1.5m - 10%
£1.5m+ - 12%
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.
The latest news on mortgages
Are interest rates going up or down? And what does this mean for mortgages? Get the latest.
The base rate has been cut for the first time in four years and now sits at 5%. Let's take a look at what this means for mortgages and the housing market.
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.
As the cost of borrowing increases, there are steps buyers and homeowners can take to help keep mortgage payments manageable.
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.
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.
Find out more in our guide: How much can I borrow for a mortgage?
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
Find out more in our guide: How to improve your credit score
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.
Remortgaging can save you thousands of pounds on your mortgage and have other benefits too, so it’s a popular move.
Mortgage lenders offer deals specifically for remortgaging and there are thousands to choose from.
Find out more in our guide: How does remortgaging work?
What do I need before I remortgage?
When remortgaging, you'll need to provide some paperwork, including:
proof of your address, identity, age and income
details on any current loans and credit commitments
details on regular spending commitments, including household bills, spending on dependents (including school and nursery fees), pension contributions
details your discretionary spending, for things like holidays, eating out and all the fun stuff
Lenders will also look at what your future outgoings might be, for example if you're planning on extending your family
And they'll check your credit score with one of the three major credit agencies: Experian, Equifax or TransUnion. You can also check this yourself before applying to remortgage.
Will mortgage rates go down in 2024?
Mortgage rates are unlikely to decline much further this year, even if inflation and the Base Rate edge lower.
Our Executive Director of Research, Richard Donnell, says: ‘Expectations of lower interest rates are already priced into fixed rate mortgages today.
‘Lower interest rates would likely result in further modest declines in mortgage rates but how far depends on how low money markets see base rates falling.
‘Economists currently expect base rates to fall to 3.5% by the end of 2025, which would imply mortgage rates remaining in and around the 4%+ range this year.’
Find out more in our guide: Will mortgage rates go down?
What type of mortgages are there?
When you’re looking to buy a new home, the choice of mortgages available can feel overwhelming.
Do you want a fixed rate where the monthly repayments stay the same or a tracker where the repayments can be lower but may fluctuate?
Let's take a look at the different types of mortgages available and where you can find the best deals.