Before you start looking at Rightmove, take stock of your financial position. Check what your current home is worth by getting valuations from two or three local estate agents. Look at your existing mortgage: are you in a fixed deal, and would you face early repayment charges? Consider whether porting your mortgage to the new property might save you money.
Think practically about timing. Are you in a secure position at work? Do you have enough savings for the costs involved? Is this the right time in the market for your area? A quick conversation with a broker at this stage can help you understand your budget and what is realistic.
Yes, in many cases you can. This is called porting. If you are in the middle of a fixed rate deal, porting lets you keep your current rate and avoid early repayment charges. Your lender will need to reassess your affordability based on the new property, so it is not guaranteed, but it is usually straightforward if your circumstances have not changed significantly.
If you are borrowing more for the new property, you may need a top up mortgage alongside your ported deal. This second portion will usually be at a different rate.
Porting makes sense if: you locked in a low rate during a period of cheaper borrowing and current rates are higher, or you would face significant ERCs by leaving your deal early.
- Get your current property valued. Ask two or three estate agents for valuations so you have a realistic idea of what your home is worth.
- Instruct an estate agent. Choose an agent, agree on fees, and get your property listed. Good photography and a well written description make a real difference.
- Get a mortgage agreement in principle. This confirms what you can borrow and shows sellers you are a serious buyer.
- Find your next property. Start viewing and make an offer when you find the right one.
- Accept an offer on your current home. Ideally, you want to be under offer on both properties at the same time to keep the chain moving.
- Instruct solicitors. You will need a solicitor for both the sale and the purchase. Many people use the same firm for both.
- Apply for your mortgage. Submit your full application and wait for the formal offer.
- Exchange and complete. Once all searches and paperwork are done, you exchange contracts and agree a completion date.
The biggest variable is Stamp Duty, which depends on the purchase price and whether you qualify for any relief. Early repayment charges on your existing mortgage may also apply if you are leaving your deal early rather than porting.
From the point your offer is accepted to the day you get the keys, the process typically takes between 8 and 12 weeks. The full journey, including marketing your property and finding a buyer, usually takes three to six months in total.
Chains are the biggest cause of delay. If multiple buyers and sellers are all dependent on each other, one hold up can affect everyone.
Selling first
- Stronger negotiating position as a buyer
- No chain below you
- You know exactly what you have to spend
- Risk: you may need temporary accommodation
Buying first
- No gap between homes
- Less stressful move day
- Risk: pressure of running two mortgages
- Weaker position as a buyer
The most common approach is to market your property and start viewing at the same time, aiming to align both transactions as closely as possible.
Before moving day
- Book a removal company (get at least three quotes)
- Start packing non-essentials a few weeks early
- Arrange buildings insurance from the date of exchange
- Set up mail redirection with Royal Mail
- Notify your employer, bank, GP, dentist, and insurers of your new address
- Take meter readings at your current property
- Contact energy suppliers and council tax to close your current account
- Defrost your freezer if you are taking it with you
On the day
- Take final meter readings and photographs of your old property
- Check every room, cupboard, loft space, and shed before you leave
- Leave keys with the estate agent as agreed
- Collect keys for your new home once completion is confirmed
- Check the new property before the removal van arrives
- Take meter readings at your new property
- Test that everything works: heating, hot water, electrics, locks
Who to tell
- Your employer
- Bank and building society
- Insurance providers
- DVLA
- GP and dentist
- Council and electoral roll
- TV Licence
- Schools
Get quotes from at least three companies and check they are registered with the British Association of Removers. If you cannot move straight in, budget around £25 to £30 per week for a 50 square foot storage unit.
Planning a move?
Let us help you work out the best mortgage options for your next home. We can check whether porting makes sense or if switching to a new deal could save you money.
Speak to us