By Enzo Mora, CEO and founder of The Mortgage Brain 

Affordability has probably been the buzzword of the year when it comes to property. Whether you've been looking to buy your first home and have been weighing up the cost of the mortgage and the property, or you've remortgaged or moved, costs have risen.

Property prices fell only marginally in 2023, and the Nationwide wasn't the only lender to show small average prices at the end of the year. So what are the reasons to be cheerful, I hear you say?

Well, mortgage rates are heading downwards, having seen 20 consecutive weeks of average rate falls. And the Bank of England's recent decision to hold the Base Rate for the third month in a row at 5.25% suggests rates have peaked. And that means we are getting used to the new norm of mortgage interest rates ranging from 4% to 5%, depending on the size of your deposit, for much of next year.

It pays dividends to be an early bird

Mortgage brokers are used to acting fast - we have to! In the current climate, new mortgage products are released on a daily basis and don't hang around for long. That means we have to let clients know and then reserve the loan, so they don't miss out. Speaking to us well before you have a property in mind is crucial, as we can do all the checks and financially approve you in principle for a loan.

This has two positive results. One is you can make an offer on a property, knowing you can actually afford it. The other is that, when the latest best deal flashes up on our screens, we can take immediate advantage of it. This works for remortgages too. So if you're six months away from the end of your fixed rate term, that's the time for us to start putting out the feelers for you.

Rents aren't getting cheaper

Anyone who is renting will be feeling stretched, as rents continue to rise. Zoopla's latest Rental Market Report reveals that annual rent inflation for new lets is +9.7%. Although it says that demand is weakening, as falling mortgage rates are attracting first-time buyers and, in turn, easing rental demand.

The autumn budget had some good news for buyers with low deposits. The government-backed Mortgage Guarantee Scheme, allowing mortgages with a deposit of between 5% and 9% of the purchase price, has been extended to the end of June 2025. The repayment mortgage scheme is open to previous homeowners and first-time buyers, as long as the property is their main residential home in the UK, and they can pass a lenders normal mortgage criteria.

Our expert teams know all the various options available to help you on the ladder or make a second step, so if you are unsure, book a call with one of our friendly advisers.

I think that leaves the last cheery note, to wish you and your loved ones a happy Christmas.

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