… as 2021 has, so far, been the year of the seasoned home mover, according to a news report by the BBC.

In fact, home mover mortgages (mortgages offered to those who already own a property) represented 42% of total mortgage lending between January and March, up from 27% the same time last year.

Interestingly – and quite surprisingly, given the amount of support currently available to those applying for a first-time buyer mortgage – first time buyer mortgage lending only increased by two per cent during the same three months.

As a Guildford mortgage broker that has witnessed many major domestic and global economic events since we opened our doors in 2005, it’s fair to say that the last 12-15 month period has been a time like no other.

As expected, the beginning of the pandemic saw demand for first-time buyer mortgages and home buyer mortgages decrease. However, it didn’t take long before demand for both increased significantly – and now we’re in a position whereby demand is growing exponentially.

Much of it is due to the pandemic’s bottlenecking effect. Those who wanted to move but couldn’t as the pandemic took hold and uncertainty crept in are now taking advantage of the competitive mortgage deals currently on the market – and there are many.

However, it’s house price inflation growth that is behind the boom in home mover mortgage demand. House price inflation has hit a seven-year high of 10.9%, which means that many people are trying to sell while the price is high.

Those who are selling high and moving out of areas such as London and Surrey, which is where we’re based, will be able to get more for their money. And, if they’ve made inflation-related equity gains, they may even be able to borrow more, too. And this is why we think home mover mortgages are on the up.

We were even informed that one Surrey property recently sold for £2.3 million from an online viewing alone, which goes to show that there is no shortage of buyers right now.

Our view is that whilst it’s great for homeowners who are seeing what is probably their prime asset grow in value, it’s unlikely to last forever. After all, the way of curbing inflation is to raise interest rates, which is likely to reduce demand for properties – and the price of the properties themselves.

On that basis, if you’re looking to sell your property on a high and get a new mortgage before any potential future low affects the mortgage market, then get in touch with the Complete Mortgages team.

We help existing homeowners, many of whom are longstanding Complete Mortgages clients, get great mortgage deals on a daily basis. Find out how we can help you by contacting the team on 01483 238280 or by emailing info@complete-mortgages.co.uk.