Interview with Enzo Mora, founder and director of The Mortgage Brain

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That was the year that was

What should people consider when moving house?

Try to get your ducks in a row before you start searching! That 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 solicitor’s 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. Our fully trained advisers can take you through the process.

How can The Mortgage Brain help to make moving house less stressful?

We advise 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. Our simply 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 our expert advisers to progress the application. Our excellent customer reviews show we are getting it right!

What is the most important piece of advice someone moving house needs to know?

Can you afford the property? 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 5% 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. We 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.

How can The Mortgage Brain help those who are moving house?

The benefit of using The Mortgage Brian is quite simply that we will do all the legwork for you. We 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 cuppa and discuss the most important investment you are ever likely to make, or if you prefer you can speak to our fully trained advisers over the phone or online. We have a very flexible approach to suit you. The good news is that we may well be able to save you money on your current mortgage as we have access to the best deals on the market. We look forward to having a chat when you’re ready.

If you have been furloughed, are self-employed or a Foster Carer can you still get a mortgage?

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, we work with a range of lenders who offer mortgages to the self-employed or contractors; we also work in partnership with The Fostering Network helping Foster Carers find the best mortgage deal. We pride ourselves on helping all our customers with a stress-free application process.

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