The report reveals that 83 per cent face forking out more money each month on mortgage repayments, with almost a third having to spend an additional £200 each month, creating a massive £400 million extra for the property market.

It also shows that when it comes to sourcing information on the right mortgage, six in ten first-time sellers change their mortgage provider when moving, with 46 per cent relying on their own research to change their mortgage.

The remainder incur additional costs by using financial advisers, brokers and even estate agents to recommend a mortgage deal, while over 26 per cent don’t change mortgage providers at all.

Andrew Nicholson, Marketing Manager for First Active, said: “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.”

The report also revealed that over half of first-time sellers are under the age of 35. Six in ten found buying their second property a stressful experience compared to just 48 per cent of first-time buyers, and 54 per cent of those who have already been through the selling process more than once.

Nicholson said: “A lot of focus has been put on the plight of the first-time buyers but it can be tough even when you are on the ladder. This research highlights how important selling your first property is to people in the UK today.

“The fact that people in the UK spend £400 million a month extra on their mortgage repayments when they buy their second home is quite staggering, as well as the sacrifices that they are prepared to make just so they can take the next step up on the increasingly slippery property ladder.”

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