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I suppose it's not just moving up though, it's moving to a different area / change of circumstances / releasing equity for kids / downsizing or whatever. There's certainly a school of thought that says there's no such thing as a "forever home".
I would check whether you can refinance the loan early and stop the equity accrual. That way if the property went up in value or you achieved pay rises etc you can at least limit the damage.
NickCJ
We won't be moving again after this actually. This will be it. So we want to get as big a place as we can now. Not concerned about trading up in the future.