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Why Choose Ascot Mortgages

0 %
5-star reviews on Google
£ 0
total donated to various charities
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years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

What Our Clients Say About Us

5.0 Based on 135 reviews from review us onNicholas S. ★★★★★ Fantastic service. Ellie and Jardelle were always quick to reply to any queries and very helpful throughout the process. Highly recommend!Stacey S. ★★★★★ Jason was brilliant to work with! Always on top of the transaction! Would highly recommend 👍Scott ★★★★★ Although I've not bought anything yet, they (Jason in particular) have been super helpful in my search for the right mortgage deal, whilst also giving an honest opinion during these difficult times. Would highly recommend.Sandra I. ★★★★★ Fantastic from start to finish! Natalia and Jason found me the best rate for my remortgage and they were extremely efficient! Best service I’ve ever received from a brokerage company. Thanks so much.Virmantas N. ★★★★★ Amazing service and great communication. Ellie Morgan had quickly completed all requests and over delivered all expectations.Highly recommended for those who want to get the stuff done without any delays!David W. ★★★★★ I have used ascot for 3 renewals since they done helped me with my purchase which was complicated and will continue to use them going forward. Very fair prices and very helpful and knowledgeable even with just general information.Adam B. ★★★★★ Natalia made life very easy for us when remortgaging. Third time using ascot always a breezeTaff G. ★★★★★ Ascot Mortgages have been brilliant. Easy to work with and incredibly helpful. I am always happy to recommend them. Natalia and Jason have made the whole process much easier than I was expecting. Excellent service.Daryl L. ★★★★★ We've had a fantastic experience with Natalia Barry and Jason Jones at Ascot Mortgages for our property purchases and refinancing. Their expertise, coupled with genuine care and understanding of our needs, made the process smooth and stress-free.They were consistently communicative, keeping us informed at every step. Their assistance in consolidating our protection cover was invaluable, simplifying what could have been a complex process.What set them apart was their personal touch – always polite and ready to pick up the phone for a chat. This level of personal engagement is rare and much appreciated.In short, Natalia and Jason are not just skilled professionals but also truly dedicated to their clients. We highly recommend their services to anyone in need of mortgage advice.Jason J. ★★★★★ Great company!Sarah A. ★★★★★ I have used this firm for several years and they have always been super helpful and supportive, attentive and resolved issues in really useful ways. Shout out to Alison, Ellie and Jardelle (and the team!)Georgia W. ★★★★★ We worked with Ellie to secure our mortgage and protection, and she was a dream! Being a first time buyer, I was quite clueless about the process, and in a time where mortgage rates have been quite high, she worked right til the end to make sure we were getting our mortgage at the best possible rate and was always available to answer all questions I had. Can't recommend enough 🙂Richard D. ★★★★★ Laura S. ★★★★★ As a first time buyer, trying to navigate through potential mortgages was a very daunting thought. Ascot Mortgages were recommended to me and I've been extremely happy with the service provided. They have guided me through every step and I finally have a mortgage. Very pleased and would recommend.Lucy B. ★★★★★ Having Phil as my mortgage advisor was great from the very start! He is down to earth and speaking to him was always a pleasure. The kindness, compassion and support I have been given all the way through what can be a stressful process was immeasurable. Phil and Jardelle worked as a solid team and was able to make me feel at ease all the way through buying my first home. The team were always available and the communication between everyone was always clear and I felt safe in the hands of the company as a whole. Thank you for helping me buy my first home!Flora R. ★★★★★ I worked with Richard (Protection Adviser) for a couple of days to sort out life and critical illness insurance. Absolutely brilliant, he found me and my husband the perfect policy. Very knowledgeable and easy to get on, he definetely makes things easy to understand. Thank you for the great service provided.Matthew R. ★★★★★ I've dealt with Phil at Ascot Mortgages for a while now and Phil always comes back back to me with the right plan.Keep the good work up!rafal W. ★★★★★ I would thoroughly recommend Phil Greenwood at Ascot Mortgages ltd to anyone looking to seek advice on purchasing a home.Phil was absolutely fantastic. He made the process very smooth and easy and was always there to answer any questions I had.Shahid L. ★★★★★ This company has been truly amazing in constantly giving me the support and help i need for my mortgage and for their continuous work ethic guiding customers like myself and educating them into making the best possible decisions. My special mention goes to Phil Greenwood who deserves every single credit for his brilliant work and communication skills. The more I got to work with Phil, the more he gained my respect as he is a hugely likeable man and possibly the best mortgage advisor yet. Even after I finished my time with Ascot Mortgages, I will never lose my trust in the company and I hope they exceed their business and gain even more success and popularity.Best wishes,Shahid Latif and familyPretty L. ★★★★★ Phil helped me renew my mortgage. He was great at keeping me updated with any rate changes and secured a lower rate than at the time my mortgage went through. Thank you Ascot for your supportNikki E. ★★★★★ Huge thanks to Richard Johnson for sorting out all of my insurance policies! I had accumulated a variety of life cover and various other policies over the years that all needed a good review and refresh. Richard was extremely patient and helped me to remove the duplication and choose the best cover to suit our current needs. I have used Ascot Mortgages for over 12 years and have met several members of the team, always finding the right help and support to work through what can be a complicated and stressful time. Thanks again, Richard!Andrew T. ★★★★★ Working with Richard at Ascot has been a great experience. He listened to us and was very professional throughout. This was our first experience with Richard but we've been using Ascot now for 6-7 years. Thank you all at AscotAngie B. ★★★★★ Always give a great service and find you a mortgage in a timely fashion.Alison is awesomeAndrew M. ★★★★★ We have used Ascot Mortgages for over 5 years now and have had excellent service throughout, primarily with Alison and Kevin. Our latest dealings have been with Richard Johnson who although new to us (and to Ascot I believe) has once again provided the 5 star level of service we have come to expect. His product knowledge is excellent offering a range of options supported with consistent communication and updates, always available on the phone or on email every step of the way.Ali H ★★★★★ Excellent service, a big thanks to Natalia Barry for her excellent support with my buy to let mortgage application, Natalia was professional, transparent, and kept me informed during all the process, and thanks to Jason jones for his assistance and support.js_loader

Navigating the complex world of financial planning as you approach later life can be challenging. One popular approach many people opt for in the UK is to enter into an equity release mortgage. Before deciding on this pathway, it is essential to understand what this entails, the pros and cons, and whether it suits your needs.

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

05.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

05.10.2023

What is Equity Release?

Equity release refers to a financial strategy where you can access the equity tied up in your home without having to move out. Essentially, you are releasing equity in your property to obtain a lump sum of money or a steady stream of income. This strategy is generally targeted at older homeowners who have substantial equity in their homes and desire financial flexibility in their retirement years.

What Is a Lifetime Mortgage?

A lifetime mortgage is a long-term loan secured against your home’s value. Under this equity release scheme, you retain full ownership of your home while borrowing a portion of its value. The loan, along with accumulated interest, is repaid when you die or move into long-term care, usually from the sale of your home.

One critical aspect of a lifetime mortgage is the “no negative equity guarantee.” This guarantee ensures that the repayment amount will never exceed the value of your home, providing peace of mind that you won’t leave a debt for your estate.

It’s advisable to seek advice from an experienced equity release adviser to navigate the complex structures and interest rates involved.

What is a Home Reversion Mortgage?

In a home reversion mortgage, you sell a part or all of your home to a provider in exchange for a lump sum or regular income while retaining the right to remain in the property, rent-free, for as long as you live. The property’s value at the time of sale will determine the agreement terms, and you will benefit from any increase in property value when the plan ends.

What is a Home Reversion Mortgage?

The amount you can release is influenced by several factors including your age, the value of your property, and the provider’s offer terms. Generally, older applicants can release a higher percentage of their home’s value. To get a precise figure, consult with an adviser and use an equity release calculator to estimate the potential lump sum.

Is Equity Release Safe?

Safety is a paramount concern when it comes to releasing equity from your home. Regulatory bodies, such as the Equity Release Council, oversee the sector, ensuring that products meet stringent safety and operational standards. Accredited lenders are obliged to offer products that come with guarantees like the “no negative equity guarantee.” It is vital to seek advice from a professional adviser to ensure that you choose a safe and suitable equity release mortgage.

Alison Gibson

Ascot Mortgage Expert

Understanding Equity Release

What Our Expert Says...

Equity release represents a profound financial decision, allowing homeowners to unlock a portion of their property’s value whilst retaining residence. It’s an attractive option for those aiming to bolster their retirement funds or address immediate financial needs. However, like all financial avenues, it requires careful consideration. One should assess the long-term implications, potential impact on inheritance, and alternative solutions. Always approach equity release with a full understanding, ensuring it aligns with your broader financial and lifestyle goals.

How Does an Equity Release Mortgage Work?

An equity release mortgage works by allowing homeowners to borrow money against their home’s value, which is then repayable after death or when moving into long-term care. The money can be received as a lump sum or as regular payments. Interest accumulates over the loan term, but many plans offer the option to repay the interest to maintain the loan size.

Pros and Cons of Equity Release

Equity release offers several benefits, including providing a substantial lump sum of cash or a supplementary income stream in retirement. However, it also comes with its set of drawbacks, including reducing the value of your estate and potentially affecting your entitlement to state benefits.

Understanding the full implications and weighing the pros and cons with a knowledgeable adviser is a pivotal step in making an informed decision.

What Is the Minimum and Maximum Age for Equity Release?

Generally, the minimum age for equity release is 55, but this can vary between providers. There is no established maximum age limit; however, it is essential to remember that the older you are, the more you can potentially release from your home.

How Much Does Equity Release Cost?

The costs associated with equity release can be substantial and include arrangement fees, legal fees, and interest rates. It’s essential to remortgage and understand all the costs involved, including the potential for interest to compound over the long term. Engaging an adviser to explore all the financial ramifications is highly recommended.

How Do I Repay an Equity Release Mortgage?

Repaying an equity release loan can happen in several ways, including making voluntary repayments, selling your home, or from your estate after death. Generally, no repayments are required during your lifetime unless you choose a plan that allows for this.

What Happens if I Go into Care?

If you move into long-term care, the equity release plan typically comes to an end, and the loan becomes repayable. This repayment is usually facilitated through the sale of your home. It’s essential to discuss the potential scenarios with your adviser to ensure your plan aligns with your long-term care preferences.

Compare Later Life Mortgages

Comparing different later life mortgage options is crucial to finding a plan that suits your needs and circumstances. An adviser can help compare the market and find the best rates and offers available.

Is Equity Release a Good Idea for You?

Whether equity release is a good idea depends on individual circumstances, financial needs, and long-term goals. It is a significant decision involving your home, which for many is their largest asset. It would be best if you considered this route with caution, taking into account all potential implications and seeking professional advice to make an informed decision.

Equity Release Interest Rates and Charges

Interest rates and charges on equity release loans can vary greatly between providers. Understanding the different rates and how they can affect your financial situation over the long term is crucial. Ensure to work with an adviser to find a lender offering competitive rates to safeguard your financial wellbeing in the long term.

Engaging with a professional equity release adviser will provide a wealth of knowledge and advice, helping you make a decision that benefits you in the long-term. Explore your options wisely to enjoy a comfortable and financially secure retirement.

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FAQ

The minimum age for equity release in the UK is usually 55. There is no set maximum age, although some providers may impose an upper limit. Contact us whenever you’re ready, and we can discuss your unique circumstances.

The process can typically take between 6 to 8 weeks. But every situation is unique and can take longer or shorter depending on circumstances. We’re always here to guide you through the process.

Costs vary depending on the size of the loan and the provider. Typical costs include arrangement fees, valuation fees, and solicitor’s fees. We can help you understand these costs.

Typically, the loan and accrued interest are paid off from the sale of your property when you pass away or move into long-term care.

Yes, some equity release plans allow you to safeguard a percentage of your property’s value as an inheritance. If this is a concern, we’re here to help you find a solution that works for your family.

If you move into long-term care, the equity release provider may require repayment of the loan, typically through the sale of your property.

Yes, you can use the funds released from equity release to pay for care. We can help you understand how this could work for your situation.

There are two main types: Lifetime Mortgages and Home Reversion Plans. We are here to help you decide which option may be best for you.

Equity release can be a safe option for many, but it depends on individual circumstances. Providers regulated by the Financial Conduct Authority (FCA) must adhere to strict rules to protect customers.

Yes, typical fees include application, valuation, and solicitor’s fees, and possibly early repayment charges. We can help you navigate these fees when the time is right.

Ending your lifetime mortgage early could result in substantial early repayment charges. However, some plans do allow partial or full repayments.

Meet Our Team

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Considering Equity Release? Looking to secure the best deal tailored to your needs? Schedule an appointment with an equity release specialist at Ascot Mortgages today. As experienced brokers, we have exclusive access to the most competitive deals in the market. We can match you with a comprehensive selection of financial products that fit your unique circumstances. Whatever your reasons for pursuing equity release, reach out to the dedicated team at Ascot Mortgages. We’re eager to discuss your needs and provide personalized solutions. Let us help you take the next step toward financial freedom.

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