Newly released research from digital broker, Mojo Mortgages, has revealed that there has been a 433% spike in the number of people applying for a mortgage through their site on Christmas Day.
Compared to year-on-year figures, applications peaked on 25 December 2019, with more first time buyers looking to apply for a mortgage in 2020.
Richard Hayes, CEO and Co-Founder at Mojo Mortgages said, “December is a notoriously quiet period for applying for a mortgage, but our daily stats have shown that more people than ever are looking to get sort out their mortgage for 2020 and find out what they are eligible for, especially first time buyers who are looking to get on the property ladder. There are many reasons for this, one of which could be due to the result of the election earlier on in the month that has boosted confidence within the market.
“It’s well known that from 26 to 31 December property searches are also higher, because many people are off work and the have spare time to look for a new house, so people who are applying for a mortgage seem to be doing their due diligence ahead of their new home searches. Our service allows customers to see what they are eligible for in just 15 minutes, taking the hassle out of applying for a mortgage face-to-face.”
Top tips on looking for a mortgage in 2020 from Mojo Mortgages:
Use a tool
Aimed at first time buyers, Mojo Mortgages is launching MortgageScore on 2 Jan 2020. The service is completely free to use and looks at affordability and credit history amongst other aspects of income and expenditure to assess how mortgage ready someone is. More specifically for first time buyers, it aims to help them understand their eligibility for a mortgage and helps them get mortgage ready by providing personalised coaching. This is done by using open banking data as well as Experian data.
Research your broker
Using an online broker that is ‘whole of market’ means that you’ll have access to a wider range of products. At Mojo, we have access to more than 20,000 products and our in house team of mortgage experts can advise you on the best deal for your circumstances. What’s more, Mojo is completely free to use and you don’t have to endure a three hour face-to-face meeting at your local estate agents, you’ll know in just 15 minutes what you’re eligible for.