Much has been written about the difficulties faced by those taking their first step onto the property ladder but little has been heard about people buying their second home.
But first time sellers are frequently paying around £200 more in monthly mortgage payments when they come to trade up their first home, says new research.
Four fifths of first time sellers pay more for the mortgage on their second home, and almost a third are paying a £200 premium says research by First Active and Datamonitor.
“Selling a property for the first time is a big move, so it’s important that people also seek professional advice where they can,” said Andrew Nicholson of First active.
The premium means that many are prepared to compare mortgage rate deals in search of the best product for them. Just a quarter stick with their provider when moving.
Almost forty per cent do their own research, while others turn to financial advisors, brokers and estate agents for recommendations.
“This report is one of the first of its kind on the first-time seller market, and it is encouraging to see that four in ten first time sellers are researching the market themselves to make sure they get the best deal,” said Mr Nicholson.
© Adfero Ltd