By Enzo Mora CEO and founder of The Mortgage Brain 

When we finally get to relax on our holidays, we often start thinking about our future plans and for many this year it will be "can I afford to move?".

Thankfully, mortgage interest rates are stabilising, hovering around the 5% mark and are expected to reduced further. We have our finger on the pulse of lenders so as soon as new deals are announced we can pass them on to our customers. Never has watch this space been more apt. 

Once you've had a chat with one of our advisors, we can start searching for the best deals to suit your finances, whether you are looking for a remortgage, if your current deal has ended, or it's your first step on the ladder.

Every little helps!

Latest research from Hamptons estate agents and Skipton Building Society suggests that it's not only parents and grandparents that are an important source of funding when it comes to getting on the property ladder. 

Let's hear it for siblings! Brothers and sisters contributing to first-time buyer deposits made up a record 11% so far this year, more than double the 5% share seen five years ago. This is the equivalent of £10,250. 

Parents still top the share of family contributions at 72% or £15,250. More than a third (35%) of first-time buyers with family support were able to put down a +20% deposit on their home this year, nearly double the proportion (16%) of first-time buyers who didn't receive financial help from their families.

Can you afford to rent?

Many of our first-time customers are renting and with the latest rental data just released from Zoopla the stats are stark. Rents are at their highest level for a decade at almost 30% of wages and faced with the unaffordability of rents and scarcity of supply, renters are being forced to rent smaller homes, move to cheaper areas or share a property to reduce costs. 

Many first-time buyers genuinely think they can't to afford to buy especially if they hadn't been able to save a huge deposit. We know our way around the market and can find low deposit or in some cases 100% mortgages that you will be stressed tested for so you will be able to meet repayments. 

Some lenders will also consider that you have been paying rent on time for a substantial period. It's always worth speaking to us especially if you are having to adjust your current situation to afford your rent.

House price drops

We're often asked if house prices are dropping will property become more affordable. Yes and no! Halifax's recent House Price Index revealed that the average home now costs £279,569, down by around £5,000 since July and back to the level seen at the start of the year. However, the data also shows that prices remain some £40,000 (+17%) above pre-pandemic levels and income growth has remained strong over recent months. In fact, the income ratio for first-time buyers has fallen from 5.8 in June last year to now 5.1 which is the most affordable level since June 2020 and will partially offset the impact of higher mortgage costs. So we say there's no time like the present to see what your future holds and we looking forward to helping you get the best mortgage deal.

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