Home Mover Mortgages in Leicester
Home Mover Mortgages in Leicester
Porting, or a new mortgage?
Porting means carrying your existing mortgage and its rate across to the new property. Most mortgages allow it.
It is usually the right choice when:
But porting has real limits. You are locked to one lender, who must approve the new property and reassess your affordability. If they decline the new house — because it is a flat above a shop, non-standard construction, or has a short lease — you cannot port. And any extra borrowing above your current balance is taken at today's rates, often leaving you with two sub-accounts ending on different dates.
A full remortgage to a new lender opens the whole market and gives one clean mortgage on one end date. It makes sense when your existing rate is unremarkable, when you need to borrow substantially more, or when your current lender will not lend enough.
We run both calculations, including early repayment charges, product fees and the cost of any additional borrowing, and show you the actual difference.
- Your current rate is better than anything available today
- Leaving your deal early would trigger a significant early repayment charge
- Your circumstances have not materially changed
Moving within Leicester and Leicestershire
Most of the moves we arrange follow a recognisable pattern.
Terrace to semi
The classic Leicester second move — out of a Victorian terrace in Clarendon Park, Highfields or the West End into a 1930s or post-war semi in Evington, Birstall, Glenfield or Wigston. More space, garden, usually a manageable step up in borrowing.
Into the county
Families moving out to Oadby, Kibworth, Great Glen, Countesthorpe, Broughton Astley or the villages along the A6, typically for schools and space, accepting a commute back into the city.
New build
The developments around Enderby, Narborough, Glen Parva and New Lubbesthorpe attract movers as well as first time buyers. New build purchases need a mortgage offer that stays valid long enough for the property to be finished — often six months or more — which rules out some lenders entirely.
Downsizing
Later-life movers releasing equity by moving to a smaller property. Watch for early repayment charges when repaying a large part of a fixed-rate mortgage.
Chains, offers and expiry dates
The most common practical problem in a Leicester move is not the mortgage decision. It is timing.
Your mortgage offer has an expiry date, typically three to six months. Chains routinely take longer than expected. When an offer expires you may need it re-issued, which can mean a fresh valuation, updated payslips and, if rates have moved, a different product.
Two things reduce the risk:
- Apply once your offer is accepted, not before. An offer issued too early burns through its validity while the chain assembles.
- Tell us the moment the chain stalls. Extending an offer is usually straightforward if we act early, and awkward if we act late.
We track offer expiry dates for every client and flag them in advance.
Buying before you sell
Sometimes the right house appears before yours has sold. There are two routes and both need care.
Bridging finance covers the gap short-term. It is considerably more expensive than a mortgage and requires a clear, credible exit — normally the sale of your existing home. It works when the sale is genuinely imminent, and becomes uncomfortable when it is not.
Let to buy means keeping your current home and letting it out, remortgaging it onto a buy to let and buying the new property on a residential mortgage. It is a long-term commitment with tax consequences, not a convenience.
Both are legitimate. Neither should be entered into casually.
Affordability is assessed again
A point that surprises many home movers: being an existing borrower gives you no exemption. Your new lender assesses affordability from scratch, and what has changed since you last applied matters.
The usual culprits: childcare costs, car finance taken on since you bought, a new credit card balance, a change to self employment, or a mortgage term that now runs past your intended retirement age.
None of these are necessarily blockers. All of them are better identified before you offer on a house than after.
Selling and buying at the same time
Where a move genuinely differs from a first purchase is that you are running two transactions in parallel, and the mortgage sits across both.
A few things worth getting right early. Agree your sale price and your purchase price with the same lender assessment in mind — if you are borrowing more, the affordability check governs both ends, not just the purchase. Keep your deposit accessible; equity released from your sale usually arrives on completion day, so any deposit needed earlier for exchange has to come from elsewhere. And decide before you list whether you would accept a lower offer for a shorter chain, because a cash buyer or a first time buyer at slightly less money frequently completes faster and more reliably than a higher offer sitting behind three other sales.
We are happy to talk any of this through before you instruct an agent. It costs nothing and it usually shapes what you list at.
Speak to a Leicester home mover adviser
Before you list your house, find out what you can borrow and whether porting is worth it. It takes one conversation and it shapes everything that follows.
Call 0116 277 7536 or book a free consultation.
Cedar House, 3 Broad Street, Enderby, Leicester, LE19 4AA.
Common questions
Can I take my current mortgage with me when I move?
Often yes. This is called porting, and most mortgages allow it. You keep your existing rate on the amount you carry across, which is valuable if your current rate is better than what is available now. You will still need to pass affordability checks, and any additional borrowing is taken at today's rates.
Is porting always better than taking a new mortgage?
No. Porting protects a good existing rate and avoids early repayment charges, but it ties you to one lender who must approve the new property and reassess your income. If your current rate is unremarkable, a full remortgage to a new lender usually gives more choice. We compare both.
How does a chain affect my mortgage?
Your mortgage offer has an expiry date, commonly three to six months. If a chain drags on, an offer can lapse and need re-issuing, sometimes with a fresh valuation and updated payslips. We monitor offer expiry dates and warn you before they become a problem.
Can I buy before I sell in Leicester?
It is possible with bridging finance or a let-to-buy arrangement, but both carry cost and risk. Bridging is short-term, more expensive and needs a clear exit. Let-to-buy means keeping your current home as a rental and buying the new one on a residential mortgage. Both need careful thought.
What if my new home costs less than my current one?
Downsizing is usually straightforward, but check for early repayment charges — repaying a large chunk of a fixed-rate mortgage can trigger them. Some lenders allow porting down to a smaller loan without penalty. It is worth confirming before you commit to a sale.
How much can I borrow when moving?
Affordability is reassessed from scratch. Income, outgoings, credit commitments and dependants are all looked at again, and childcare costs and car finance taken on since you bought will reduce the figure. Being an existing borrower does not exempt you from a full assessment.
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