Whether you're a first-time buyer or experienced property investor, 2020 has largely been a year to forget - with mortgage deals disappearing and millions of homeowners needing to take out payment holidays in the wake of the COVID-19 outbreak.
The outlook for 2021 may largely depend on what happens with the pandemic, Brexit and the economy as a whole, but there are a few promising signs in the mortgage market for those of a more optimistic persuasion.
Here, we make 11 predictions on mortgage trends that could affect first-time buyers, homeowners and landlords in 2021.
Rates remain significantly higher than before the pandemic, but greater competition could bring cheaper deals in the new year.
With this in mind, the picture for first-time buyers might look considerably rosier by the spring.
In October, the government to make low-deposit mortgage deals more widely available as part of a drive to help two million first-time buyers on to the ladder. We'll hopefully get an update on these plans in 2021.
The Bank of England is conducting a review of its mortgage rules, which cap the number of mortgages offered at four-and-a-half times the applicant's annual income or higher.
A relaxation of these restrictions might boost the borrowing power of first-time buyers.
In theory, this means first-time buyers will be able to get on the ladder with a 5% deposit, but it remains to be seen whether developers will build Help to Buy properties in significant volumes now the margins are likely to be smaller.
The success of the scheme will also require lenders to offer Help to Buy mortgages, so it'll very much be a case of 'wait and see' during the first half of the year.
This meant that for many, the only option was to switch to another deal with their current lender - potentially missing out on better rates elsewhere.
If the economy continues to struggle and unemployment rises, millions of homeowners could again see their options limited in 2021.
At this stage, we don't know whether people who've taken out payment holidays will find it harder to borrow, but how banks approach this will dictate the remortgaging options available to millions of homeowners.
High loan-to-value (LTV) mortgages dried up in 2020, but rates have remained attractive for borrowers with greater levels of equity in their home.
If you're remortgaging at 60% LTV, you can still secure a two-year fix with a rate of just over 1%, or 1.2% at 75% loan-to-value.
2020 was the year when people spent much more time at home, and the pandemic has changed the way that we view our properties.
Buy-to-let in England, Scotland and Northern Ireland can all make the most of the current stamp duty cut - but there's unlikely to be a rush in mortgage applications from investors before the end of March.
Data from Hamptons shows that while landlord purchases made up 15% of the market in November - the highest level for four years - a record 51% of purchasers were cash buyers.
This means that we're likely to see larger portfolio investors on the hunt for bargains between now and March, rather than smaller landlords who require finance.
Buy-to-let mortgage rates have risen slightly since the start of the pandemic, from 3% on average in March to 3.09% in December, but there are signs that costs are coming down again.
A handful of lenders, including Accord and Coventry Building Society, reduced their rates in December, and more may follow in January.
It's likely that we'll see relatively small rate cuts rather than major sales in the early part of 2021, and lenders may look to entice landlords with fee-free and cashback incentives rather than headline-grabbing rates.
With the added complexities around COVID-19, the future of the eviction process and a lack of clarity around renting rules after Brexit, it may be more of the same in 2021, with landlords keeping their options open by taking out two-year fixes rather than longer-term deals.