By Enzo Mora, CEO and founder of The Mortgage Brain 

No one wants to think of tinsel and turkey at this time of year with temperatures rising and summer holidays still on the horizon. However, the latest Rightmove research says that it's taking 50 days longer to complete a house purchase now than it was in 2019, due to a conveyancing log-jam, so if you want to be in your new home in time for Christmas you need to get the ball rolling in the next couple of weeks.

As we always say, before putting your house on the market or beginning a search for your first home, getting your mortgage sorted in principle will not only mean you know exactly how much you can afford to borrow and therefore how much you can spend, but will also put you in a great position to have an offer accepted whether you are a first-time buyer or moving up the ladder.

The property market is still hot with demand outstripping supply. Despite the latest Bank of England interest rate rise pushing the base rate to 1.25%, rates are still historically low, and some lenders are absorbing the rate rises for now. Crucially, we have direct contact with lenders so we know what deals are ending and the new ones replacing them as it happens, so we can advise our customers immediately.

An encouraging recent study from the Building Societies Association (BSA) revealed that less than one in ten homeowners are concerned about keeping up with their mortgage payments, with around 80% on fixed rates. However, our advice is that borrowers must start planning for when their current mortgage deal ends, as while the impact is likely to be quite modest, any increase in expenditure along with higher energy and food costs will make a difference. By using a broker like The Mortgage Brain we will look at all your finances and suggest the best deal for you now taking these costs into account.

First-time buyers especially are feeling the pinch. A survey from King's College London showed that almost half the UK public (48%) think that young people cannot afford to buy a property because they spend too much on takeaway coffees and food, mobile phones, subscription services like Netflix and holidays abroad.

We help thousands of first-time buyers, many of whom are unaware of the more affordable routes into home ownership such as Help to Buy, the Mortgage Guarantee scheme and Shared Ownership. Our advisers have a range of these options at their fingertips to discuss so while maybe having a few less coffees and takeaways will help with everyday living costs, we can look at the bigger picture when it comes to securing a mortgage.

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