With so many things to consider, moving house can be one of life’s most stressful experiences, but it doesn’t have to be. Enzo Mora, the founder of Gloucestershire-based mortgage brokers, The Mortgage Brain, has shared some top tips to make life for potential property purchasers stress-free!
After a long career within the financial services industry, Enzo Mora launched Gloucestershire-based The Mortgage Brain in 2001 and, alongside his trusted team, is vital in pushing the business forward.
As well as launching The Mortgage Brain, Enzo also recently received the honour of becoming chair of Gloucestershire Lawn Tennis Association – complimenting his passion for tennis, which he has played since he was a child.
For more information, visit themortgagebrain.net.
This means working out how much deposit you will need to get on the ladder or how much you will be able to borrow, if moving up to a more expensive property.
In both cases, you’ll also need to factor in other costs such as lender arrangement fees, early repayment charges and solicitors’ costs of buying and selling. Your credit history will also be checked. Lenders prefer you to have life insurance in place so that if anything happens to you, your mortgage will be paid. The Mortgage Brain’s fully trained advisers can take you through the process.
The Mortgage Brain advises customers to get a mortgage offer in principle before you start your search for a property to ease the stress. Not only will this make sure you are looking in the price bracket you can afford, but it also means that you will be in a better position to make an offer on a property as a serious buyer.
When there is a shortage of property for sale this gives you the best chance for your offer to be accepted ahead of any competition. The Mortgage Brain’s simple to use mortgage calculator is a great starting point as it quickly selects the best deal for you based on your requirements, then you can speak to one of its expert advisers to progress the application with its excellent customer reviews showing the team is getting it right!
As a first-time buyer, you may well be able to afford the monthly repayments, but do you have the required deposit to buy your new home? The more deposit you can put down, the more choice of lenders you will have, the lower your mortgage interest rate will be and the smaller your monthly repayments.
The loan is considered a lesser risk with a higher deposit amount. In most cases, you will need a deposit of at least five per cent of the property price. For those buyers moving up the ladder, any equity that you have built up acts as a deposit for your next purchase, but you will still need to earn enough to meet the repayments if you want to increase your mortgage. The Mortgage Brain will be with you every step of the way to explain the types of mortgages available and various schemes like Help-to-Buy and the Mortgage Guarantee Scheme that you may be able to access.
The benefit of using The Mortgage Brian is quite simply that it will do all the legwork for you. The team can talk you through the deals that best suit you and your situation and point out any potential issues. You can choose to sit down with someone over a cup of tea and discuss the most important investment you are ever likely to make, or if you prefer you can speak to one of The Mortgage Brain’s fully trained advisers over the phone or online. The Mortgage Brain has a very flexible approach to suit you.
The good news is that it may well be able to save you money on your current mortgage as it has access to the best deals on the market. The team at The Mortgage Brain looks forward to having a chat when you’re ready.
Lenders are assessing furloughed staff in different ways as your employer may have topped up your salary so your earnings weren’t affected, or you may have received a lower salary while furloughed and are now back to full earnings. Our advisers can talk you through the options and find a deal that works for you. As an independent broker, The Mortgage Brain works with a range of lenders who offer mortgages to the self-employed or contractors; it also works in partnership with The Fostering Network helping Foster Carers find the best mortgage deal. The Mortgage Brain prides itself on helping all our customers with a stress-free application process.
For more information, visit themortgagebrain.net.
By Maddy Richards
Wednesday 22 September 2021
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