Digital broker, Mojo Mortgages, has reported a 433% spike in the number of people applying for a mortgage through the 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 26-31 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.”