Thinking About Moving House? A Practical Guide to the Costs, Considerations and Why Early Advice Matters

Moving home is one of the biggest financial decisions most people make — and whether you’re upsizing, downsizing, relocating, or planning a retirement move, the process can feel overwhelming. The key to a smooth, stress‑free move is understanding the true costs, the key decisions, and the timing of when to get advice.

This guide breaks everything down clearly so you can plan with confidence.

1. Start With Your Current Mortgage Position

Before browsing Rightmove or booking viewings, it’s essential to understand where you stand with your existing mortgage.

Key questions to ask:

• Is your current mortgage portable?

• Will your lender allow you to take your rate with you?

• Are there early repayment charges (ERCs)?

• Will you need to borrow more, and if so, will the lender allow it?

• Has anything changed in your income, credit, or circumstances since you last applied?

Many people assume they can simply “move” their mortgage — but portability is never guaranteed. Getting clarity early avoids surprises later.

2. Understand the True Cost of Moving

Moving home is more expensive than most people expect. Budgeting properly helps avoid last‑minute stress.

Typical costs to factor in:

• Estate agent fees (usually 1–2% + VAT)

• Solicitor / conveyancing fees

• Stamp Duty (if applicable)

• Mortgage fees (product fees, valuation fees, ERCs)

• Survey costs

• Removal company costs

• Home repairs or improvements before selling

• New furniture or appliances for the new home

Even a straightforward move can run into several thousand pounds once everything is added up.

3. Think About Affordability in Today’s Market

Lenders assess affordability differently now than they did a few years ago. They will look at:

• Income and employment stability

• Credit history

• Existing debts

• Monthly commitments

• Age and mortgage term

• Future retirement plans

If you’re moving later in life, we can also consider retirement income, pension projections, or equity release optionsdepending on your age and goals.

4. Consider Your Long‑Term Plans

Your next home should work for you not just today, but for the next stage of your life.

Think about:

• Will you need more space in the future?

• Or is now the right time to downsize?

• Do you want to be closer to family?

• Are you planning to retire soon?

• Will your income change in the next few years?

• Do you want a home that’s easier to maintain?

A move is not just a financial decision — it’s a lifestyle one.

5. Don’t Forget About Protection

When moving home, it’s the perfect time to review:

• Life cover

• Income protection

• Critical illness cover

• Family protection

• Home insurance

Your needs may have changed, and your existing policies may no longer be suitable.

6. If You’re Over 55: Consider Later‑Life Lending Options

For clients aged 55+, moving home opens up additional possibilities:

• Retirement interest‑only (RIO) mortgages

• Lifetime mortgages

• Part‑and‑part borrowing

• Downsizing protection

• Interest‑serviced lifetime mortgages

These can help you move to the right home without stretching affordability.

7. Why Getting Advice Early Makes All the Difference

This is the most important part of the entire process.

Speaking to an adviser early helps you:

• Understand your borrowing power

• Avoid properties you can’t get a mortgage on

• Plan around ERCs and product end dates

• Budget accurately for all costs

• Choose the right lender and product

• Avoid delays once you find a property

• Move quickly when the right home appears

Early advice can save time, money, and stress — and often prevents clients from losing out on their dream home.

Moving home is exciting, but it’s also a major financial commitment. By understanding the costs, planning ahead, and getting expert advice early, you can make the process smoother, more affordable, and far less stressful.

If you’re thinking about moving — whether soon or in the next 12 months — now is the perfect time to start the conversation.

A Lifetime Mortgage is not suitable for everyone and may affect your entitlement to means tested benefits, so it is important to seek financial advice before taking any action. If you are considering releasing equity from your home, you should consider all options available before equity release.

The interest that may be accrued over the long term with a Lifetime Mortgage, may mean it is not the cheapest solution. As interest is charged on both the original loan and the interest that has been added, the amount you owe will increase over time, reducing the equity left in your home and the value of any inheritance, potentially to nothing.

Although the final decision is yours, you are encouraged to discuss your plans with your family and beneficiaries, as a Lifetime Mortgage could have an impact on any potential inheritance. We would also encourage you to invite them to join any meetings with your Financial Adviser so they can ask questions and join in the decision, as we believe it is better to discuss your decision with them before you go ahead.