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Gloucestershire Business News

Lenders still want to lend so they are getting more creative - Enzo Mora of The Mortgage Brain

By Enzo Mora of The Mortgage Brain 

We've just held our annual mortgage conference at The Mortgage Brain which is always a great chance for us to hear how all the leading mortgage lenders can maximise our customers' borrowing potential - and there are so many new opportunities coming your way.

We know the importance of helping both existing and new customers secure the right mortgage and we're very much aware that those remortgaging are in a very different marketplace from when we arranged their last mortgage.

As interest rates rise and household budgets are feeling the pinch, now more than ever the range of options we have on offer is greater.

As a starter, we look at all your income and ask questions to make sure that we have the full picture of your finances which means that your mortgage application is more likely to be accepted.

And by using a broker like us, you can still speak to a human! You'll be reassured to hear that with the help of our expert advisers, 92 per cent of our mortgage applications are successful.

The 11-year homeowner itch

The average time people have lived in their homes when they come to sell has crept up by more than a year and a half to 11 years, compared to pre-pandemic 2019. The research from estate agency data firm Spectre says that many of these homeowners have been considering a move for some time but needed help and guidance to get a move underway.

Property prices have also zoomed up in the UK during the past 11 years so many homeowners will find they have built up considerable equity to move on with, to downsize to be mortgage free or use for a deposit for another long-term property investment with a buy-to-let mortgage.

We work with homebuyers across the board from those buying a new build property to shared ownership, investors and, through our partnership with The Fostering Network, foster carers looking to use all their income to buy their home or extend it.

Borrowers can now access up to 40-year term mortgages to help spread the cost and while the mortgage stress test was scrapped last month, which may mean applicants could borrow more than previously, the principles of responsible lending and general affordability, considering the income and outgoings of the borrower and a maximum loan to income ratio, or a maximum loan to value (LTV) will still be applied. Our advisers can fully explain each loan.

The mood of the market

Estate agent Savills has published results of a survey that reveals more than half of respondents haven't changed the amount they plan to spend on a new home in the light of increased costs of living, however, they are more likely to dip into their equity.

The pandemic has enabled some people to grow unexpected savings which are now helping with a move, while others are getting more for their money by considering relocating to a cheaper part of the country as remote working replaces regular commuting.

Property supply is improving, and demand is still strong and that means we can continue to offer excellent mortgage deals to our valued customers.

To find out more about The Mortgage Brain, visit  or call 0333 340 8888.

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