By Enzo Mora, CEO and founder of The Mortgage Brain 

We're celebrating the latest round of mortgage interest cuts, but do homeowners know what's on offer?

Living in the mortgage world like I do, it's my business to know exactly when mortgage interest rates drop and lenders increase the amount they will lend to you, compared to the purchase price of a property - known as the loan to value (LTV).

These facts are vitally important to our customers, as it could mean the difference between buying your own property or staying in rental accommodation and paying someone else's mortgage, or being able to move up the ladder when your family grows.

We've been busy telling our customers this week that five lenders are offering mortgages at below 4% and four lenders have improved their LTVs, if you're buying a new build home, to between 90% and 95%, thus requiring a smaller deposit. And it's fair to say, the response has been phenomenal.

Rightmove also shares this view that the first Bank of England rate cut for four years has led to an immediate upturn in buyer activity.

Keep in touch and explain

Our expert mortgage advisers never assume applicants understand all the terms and conditions of mortgages. We take the time to explain what the process will be and why lenders ask for specific information, and we're always available to answer questions.

You'll also be reminded when we are waiting for information from you to complete an application, as we know that some mortgage deals aren't around for long. According to research from Zoopla, it takes one in five house hunters less than 20 minutes to view a property before making an offer. A mortgage application will take a little longer but, once all the information is in, some lenders come up with an offer in just 24 hours.

Routes to affordability

Sometimes the only way to get on the ladder is to buy with a partner, friend or sibling, along with the help of a parent or grandparent. Latest analysis by Lloyds Bank has found that one in four struggling buyers are considering purchasing with a friend or sibling to make it more affordable, although 62% of people under 35 say they would prefer to buy their first property with a partner. A third said the reason for this was that they were unsure how buying in this way would affect potential plans to move out and buy with a partner in the future.

That's the beauty of working with a broker like The Mortgage Brain. We can explain the options, which would include buying out the other person if your income allows. However, these decisions won't have to be made overnight! There will always be an option, and putting off buying altogether for a scenario that may never happen, could mean missing out on happy homeowning years while prices edge upwards.

Doing the math

I'm heartened to hear that the most popular A Level is maths and, for this year's sixth form students, it's the first A Level to exceed more than 100,000 entries. We need more mathematicians - if only to work out mortgages! It's also a good year for applying to university, with 82% of applicants getting their first choice.

When it comes to borrowing, with our help you can look forward to securing a great mortgage deal, which not only fits your finances now, but also your homeowning future.

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