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

Rising inflation has affected us all, especially homeowners and would be first time buyers who have seen higher interest rates as the Bank of England has tried to put a break on spending and wage growth. 

So it's good news that inflation hasn't risen again since last month's drop and that average fixed rate mortgage interest rates have now fallen. 

We're seeing some five-year fixed mortgages rates under 5% depending on the size of the deposit which is encouraging. Bigger deposits will always mean you can access better rates. 

So what's the third bit of good news? Well lenders are getting positive vibes about the market, and some are improving their credit scoring to assist more borrowers like those looking for a 95% mortgages. 

We're helping more customers find more affordable mortgages, so we think it's time to blow off the borrowing doom and gloom.

Making homeowning possible

A fifth of homeowners are thinking of moving somewhere cheaper due to the cost-of-living crisis, KPMG's latest Consumer Pulse survey has revealed. The research showed that of 1,096 homeowners, 22% were considering selling and moving to a cheaper home, while 8% have already done so. A quarter said they are considering lengthening their mortgage term and 18% have used savings to reduce their mortgage balance and a quarter are considering this, while 16% have switched to interest only terms. 

Our advisers are notifying our customers well before their fixed rate mortgages end so we can look at the options available to make a new mortgage or existing one more affordable than going straight on to a much higher standard variable rate. 

We can't stress enough how important it is to have that conversation early on in the process. We can reserve rates now to be reviewed later and if a cheaper rate is available allow a switch just before the mortgage term ends.

Fixer uppers are most in-demand homes

Continuing the search for value when it comes to homebuying, Rightmove reveals that homes in need of renovation are the most in demand among buyers, and are 8%, or £29,000, cheaper than the average property priced at £366,281. 

It's a good shout to look for something that long term could add value if you don't mind living in a state of repair for a while. Fixer upper homes or those that say they are in need of refurbishment are most popular with first-time buyers looking for a cheaper property to get on the ladder that they can refurbish over time as they save up enough money, and investors looking to grab a relative bargain and do it up to sell on or rent out. 

The other most popular buyer features reveal the importance of there being enough storage space and a garden, the desire for a property to be chain free, and basic energy efficient features, such as double glazing and a new boiler. 

Being near a station is also still a priority, in at number ten, despite the rise of working from home for many. Whether you are fixing up or buying a brand-new home ready to move into, we can make that dream a reality, and that's probably the fourth bit of good news!

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