At one time, most people would enter the property market by buying a little one-bedroom terrace and building their way up – to a two-bed terraced house or three-bed semi-detached, and so on.

Recent findings from Lloyds Bank, however, reveal that many people are now looking at cutting out the number of steps to their forever home, and are aiming for a detached property as their second move.

The latest research shows that 54% of those currently in their first properties are aiming to jump straight to a detached property for their second move, while the number of people looking for a semi-detached has declined to 51%.

In an attempt to make their aspirations a reality, 37% have now increased their monthly savings to provide a bigger deposit when needed to help facilitate the property upgrade, and 41% are actually overpaying on their current mortgage. This means that the number of those who are actually concerned about house prices, and the deposit required to get their forever home, fell to 37% in 2014.

To enable them to make the jump in property size, first-time buyers are generally spending just short of two years longer in their first home, so that they can build up the required equity.

In your role as a mortgage advisor, you will establish your customers’ current financial position. Having undertaken and passed the CeMAP training, you will be able to comply with regulation to ethically advise them on the best mortgage proposition for their individual circumstances.

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