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Jamie Hollingsworth - Mortgage & Protection Advisor
jamie@woodhallmortgages.co.uk
I'm a CeMAP qualified mortgage adviser based in Stockport. When you're moving home you've already got a mortgage, which means there's a real decision to make before you even apply for a new one. Port it or switch. I check both before recommending either.
No fee for the initial consultation · £299 broker fee only on formal mortgage offer · FCA authorised FRN 762513
A home mover mortgage is a residential mortgage taken out when you already own a property and are buying a new one. Unlike a first-time buyer, you have an existing mortgage to deal with, which means an extra decision at the start of the process: do you port your current deal to the new property, or start fresh with a new lender?
Stockport has a well-established property ladder. People move from starter homes in Edgeley or Offerton to larger family houses in Bramhall, Cheadle Hulme or Hazel Grove. Others downsize from larger detached properties in the more expensive south of the borough into smaller homes closer to Stockport town centre. Each move comes with a different mortgage picture.
I've been advising home movers in Stockport and across Greater Manchester since 2018. The porting question is the one that catches most people out. Your current lender will usually tell you porting is straightforward. What they won't tell you is whether the wider market has something better. That's what I check first.
Mortgage availability, rates and early repayment charges depend on your individual circumstances and your existing lender's terms. Not all lenders or products are included. Your home may be repossessed if you do not keep up repayments.
Most home movers have to decide whether to keep their existing mortgage deal or take out a new one. It's not always obvious which makes more sense, and your current lender has an interest in you staying put.
The mortgage picture is different depending on whether you're going up, going down or going sideways. Here are the situations I come across most often and what they usually mean in practice.
Buying a larger place, usually because the family has grown or the current home has got too small. The main questions are how much equity you've built up, how much more you need to borrow, and whether your current rate is worth hanging on to. Most of the upsizers I work with in Stockport are moving from Edgeley or Reddish into Bramhall or Cheadle Hulme.
Moving somewhere smaller, often once the kids have gone or retirement is closer. If the sale pays off the mortgage entirely, an ERC could still apply if you're mid-fix. Some lenders will let you reduce the loan on a port without triggering it. I check your actual deal rather than guessing.
Moving across rather than up or down, perhaps for a better school catchment, a different area, or to be closer to family. The porting maths is simpler but the switching question still applies. It's the most common type of move I see within Stockport.
Selling and buying at the same time. Two solicitors, two lenders, a chain pulling in two directions. The legal side takes care of itself, but the mortgage timing matters. I keep my side moving and flag issues early so delays don't come from our end.
If your fixed rate ends in the next three to six months, you might be able to lock in a new deal now without triggering any ERC. Most lenders let you reserve a product up to six months ahead. Get the timing right and you can move without paying a penny in early repayment charges.
Self-employed, contractor, or a credit history that isn't straightforward. You can still move. The lender options are different and the assessment works differently too. I know which lenders work for which income type and won't send you somewhere that's going to say no.
An early repayment charge is the fee your lender applies if you repay or switch your mortgage before the end of your fixed or discounted rate period. It's one of the first things I look at before saying whether to port or switch.
Tell me your current deal and I'll check the ERC, compare it against what the market offers and give you a clear picture of the best route. No commitment required.
No fee for the initial consultation. A non-refundable £299 broker fee is payable on receipt of a formal mortgage offer (only if you choose to proceed).
Four stages. The mortgage doesn't have to be the complicated part of moving.
We go through your current mortgage, what you're buying and how much you need to borrow. No fee, no commitment.
I look at your ERC, your current rate and what the market looks like right now. You get a clear comparison before any decision is made.
Offer accepted? I put the application together and deal with the lender. You don't have to chase anyone or repeat yourself to a different person each time.
The lender issues a formal mortgage offer. The £299 fee is due at this point, only if you proceed. Your solicitor handles completion alongside the sale.
Home mover applications need a bit more than a first-time buyer one, mainly because you have an existing mortgage to account for. Here's what most lenders ask for. I'll confirm what's needed for the specific lender before you start digging anything out.
Buying your first home in Stockport. I explain what's possible and handle everything.
Fixed rate ending or releasing equity. I check the whole market, not just your current lender's retention deals.
First rental property or growing a portfolio. I know which lenders suit which setup.
Tell me about your current mortgage and what you're looking to buy. I'll check your ERC, compare port against switch and tell you what the numbers actually look like.
No fee for the initial consultation. A non-refundable £299 broker fee is payable on receipt of a formal mortgage offer (only if you choose to proceed). We may also receive commission from lenders. Your home may be repossessed if you do not keep up repayments on your mortgage.
Get Your Free ConsultationWoodhall Mortgages is authorised and regulated by the Financial Conduct Authority. Firm reference number 762513. Woodhall Mortgages is a whole-of-market mortgage broker. We consider a broad range of mortgages from across the market, but not all lenders or products may be included.
No fee for the initial consultation. A non-refundable broker fee of £299 is payable on receipt of a formal mortgage offer (only if you choose to proceed). We may also receive commission from lenders; this does not affect the advice you receive. Your home may be repossessed if you do not keep up repayments on your mortgage.
Early repayment charge amounts and porting eligibility depend on your specific mortgage product and lender's terms. This page is for information only and does not constitute financial advice. Always confirm ERC figures with your existing lender before making decisions.
jamie@woodhallmortgages.co.uk