By Enzo Mora, CEO and founder of The Mortgage Brain. 

Like many potential first time buyers or movers, we are breathing a sigh of relief at the start of the year as interest rates head firmly downwards. 

While people were still affording mortgages last year, by tightening their budgets and shopping for the best deals at the time, the news that lenders almost across the board are now reducing two- and five-year fixed rates is opening up the market to more movers, especially those with a smaller deposit. Interest rates in the 3%s are now possible!

Are prices rising?

Depending on which price index you read property prices are either going up or down but if you look at the stats closely, it's a marginal shift. 

So what you can take from that is that they are not going down drastically any time soon. My reason for mentioning this is that I'm often asked the question is now a good time to buy - something I have in common with property guru Phil Spencer. 

Lower interest rates are pointing to a spring flurry of activity and as the market isn't swamped with property to sell, this will only result in the supply and demand effect - prices rises. Top end estate agent Knight Frank says it expects average houses prices to rise this year by 3% rather than the 4% drop it predicted previously.

Get financially approved first

Finding out what you can afford to buy by getting a mortgage in principle from a broker like The Mortgage Brain, and then starting your search as soon as possible, will mean you can secure a property before prices start to rise. 

Our excellent Mortgage Finder accessed via our website will quickly take you through a few easy steps to get you on track to show you the best real time mortgages. We also have lots of advice on all the various types of mortgage on the market so whether it's a first-time loan, remortgage, buy to let or shared ownership you will find all the information there.

Good news for first-time buyers

While interest rate drops will put a spring in the step of any first-time buyers looking to leap on the ladder this year, many will still be reliant on the bank of family to help them with a deposit. 

However, lenders are looking favourably at those with smaller deposits and our mortgage advisers are skilled at extracting every last drop of income to make it count for a mortgage. We may even suggest moving back home for a few months to save money if your rental tenancy is coming to an end. 

Many first-time buyers want to buy a brand-new home so they don't have to pay for expensive kitchen and bathroom renovations and can live in a more energy efficient with lower utility bills from day one. 

We work with all the main UK housebuilders securing great mortgages for their clients so the chances are we will be speaking to you soon if this is the route you decide to take. This year is already proving an interesting one and we're ready to help with your mortgage whatever is in store.

To find out more about The Mortgage Brain, visit www.themortgagebrain.net or call 0333 340 8888.