By Enzo Mora, CEO and founder of The Mortgage Brain 

We're asked many questions when we speak to our customers while we're arranging their mortgages, but how old do I have to be to own a property isn't one of them. I mention this in the light of Nationwide's recent poll which revealed that one in five potential buyers expect to be in at least their 40s before they own a home. I say they may be speaking to the wrong mortgage broker! 

There's no doubt that higher interest rates and the cost of living has impacted the purchase of a first property, but there are many ways around this, and our expert advisers have direct access to many affordable solutions that you won't always find with high street lenders.

First steps

Before you even look at a property, work out what you can borrow. 

Our simple to use Mortgage Finder takes you through some basic questions which will give you a good idea of what you can afford and should give you hope that we'll be able to find a mortgage for you. Then have a chat with our advisers, even if it's not looking good! 

This may sound strange, but we know that many of our customers don't consider all of their income such as bonuses or overtime payments which could contribute to their annual income. We can also suggest ways to increase the size of your deposit or if you can apply for a low cost, Rate Reducer loan or one that only needs a 5% deposit.

It pays to be prepared

For those thinking ahead, there are ways to improve your credit rating so you will be a more attractive customer to lenders. Registering on the electoral role, making credit cards payments on time and not exceeding your credit limit will all help to show you are responsible. 

Settle any outstanding County Court Judgments (CCJs) or unpaid credit agreement payments. Some lenders will also consider that you have been paying your rent on time for a number of years.

Widen your horizons

Once you know what you can borrow, you may realise that you'll have to look in a cheaper area or buy a smaller property. Research by Hamptons estate agent shows that higher interest rates have limited borrowing power for first-time buyers, and many are purchasing smaller homes to get on the housing ladder. 

More than half (51%) of first-time buyers purchased a home with one or two bedrooms for the first time since 2011. Last year, 49% bought two-bedroom homes or smaller. If you're planning to buy a place of your own, these are good affordable options. 

You may find a high street a bit uninspiring at present but many areas on the fringe of smarter locations are cheaper and in time could catch up. This will be great news for future house prices and if you are renting at present, you will be paying your own mortgage and not someone else's. 

As Zoopla recently revealed 9 in 10 homeowners who sold up in 2023 after nine years' ownership, made a 25% profit, with the average seller of a £275,000 property earning £74,000. While buying a property is not all about a potential profit, it's a nice bonus, however old you are.

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