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Why Choose Us

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

Navigating the financial landscape of a £320,000 mortgage is essential. Key elements such as the term of the mortgage, interest rates, and your initial deposit play a significant role in determining your monthly repayments.

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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. 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Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

29.01.2024

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

29.01.2024

Securing a £320k Mortgage

To obtain a mortgage of £320k, it’s imperative to first evaluate your financial status. This includes an assessment of your borrowing capacity and your ability to manage monthly repayments. Factors like income, credit history, and current debts are crucial for lenders in this process.

Calculating Repayments on a 320k Mortgage

To comprehend the repayment structure for a 320000 mortgage, using a mortgage calculator is an efficient means. This tool allows you to input various factors like interest rate, term, and loan amount (such as 320 000 mortgage) to see what you’d pay per month.

Case Example: 

  • Mortgage Rate: 4.32%
  • Loan-to-Value (LTV): 75%
  • Fixed Rate Term: 5 years

Mortgage Term

Interest Rate

Monthly Repayment

Over 10 years

4,32%

£3289

Over 15 years

4,32%

£2418

Over 20 years

4,32%

£1994

Over 25 years

4,32%

£1746

Please note, these figures are indicative and may vary according to the prevailing rates and personal circumstances. Utilise our online calculator for a bespoke estimate.

Mortgage Repayment Calculator

Income Requirements for a £320,000 Mortgage

To acquire a £320,000 mortgage individually, a substantial income is necessary. Lenders generally provide mortgages up to 4 to 4.5 times the annual income, which translates to approximately £71,000 to £80,000. This criterion varies across lenders and is influenced by various factors. A consultation with a mortgage broker is recommended for precise eligibility assessment.

Impact of Loan Term on Repayments

For a £320,000 mortgage, the choice of term significantly affects the repayments:

  • 10 years: Higher monthly payments, lower total interest.
  • 15 years: Balanced monthly affordability and total interest.
  • 20 years: Lower monthly payments, higher total interest.
  • 25 years: Lowest monthly payments, highest total interest.

Influence of Interest Rate Changes

Minor shifts in interest rates can significantly affect your long-term repayments.

For a 320k mortgage:

  • At 4.32% over 25 years = £1746 per month.
  • At 5.32% over 25 years = £1931 per month.

Opting for longer terms, such as 25 or 30 years, reduces monthly payments but increases total interest. Conversely, shorter terms like 10 or 15 years result in higher monthly payments but lower overall interest.

For a 320k mortgage:

  • At 4.32% over 10 years = £3289 per month.
  • At 4.32% over 15 years = £2418 per month.
  • At 4.32% over 25 years = £1746 per month.

Alison Gibson

Ascot Mortgage Expert

Remortgage

Remortgaging is applied when you keep

living in your present property while applying for another mortgage deal with a new lender. Before finding out how to remortgage and get the best offers from experts like Ascot Mortgages, you have to check meeting what parameters of the deal that can help you succeed the most. The range of background factors varies a lot — from the recently changed loan-to-value ratio or your existing agreement coming to an end.

Whether you are trying to get a more beneficial deal or searching for funding to improve your home conditions, remortgaging is one of the most advantageous scenarios to consider.

Comparing Repayment and Interest-Only Mortgages

It’s essential to understand the difference between making repayments on a £320,000 mortgage and opting for an interest-only mortgage. With repayments, you’re gradually paying off both the principal and interest, whereas with an interest-only mortgage, you’re only covering the interest costs initially. This means lower monthly payments but a larger final repayment.

How does the mortgage deposit affect £320k mortgage repayments?

The deposit size has a profound impact on your monthly mortgage repayments. A larger deposit decreases the loan amount, hence lowering monthly expenses. Lenders usually require a deposit ranging from 5-20% of the property value. The higher your deposit, the more favourable your monthly repayment terms will be.

Can a broker help me get approved for a £320k mortgage?

Working with a mortgage broker can be highly beneficial when seeking approval for a £320,000 mortgage. Brokers have access to a wide range of lenders and can help you find the best deal based on your financial situation. They can also guide you through the application process, increasing your chances of approval.

Contact Ascot Mortgages about a £320k mortgage

If you’re considering a £320,000 mortgage, consulting with Ascot Mortgages can provide valuable insights. Our team of experts offers personalised advice, assisting you in finding the most appropriate mortgage solution.

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FAQ

The monthly repayment for a £320k mortgage in the UK varies based on the term and interest rate. For example, at a 4.32% interest rate over 25 years, the monthly payment is approximately £1746. However, for precise figures, it’s advisable to use a mortgage calculator and consult a mortgage broker or lender.

For a £320k mortgage over 15 years, the monthly payments are generally higher due to the quicker principal repayment. With a 4.32% interest rate, the payments are around £2418 monthly, though this can vary based on specific rates and terms.

Enhancing your credit score involves paying bills on time, reducing overall debt, and avoiding new credit applications. These practices can gradually uplift your credit rating, improving your prospects for a favourable mortgage.

Lenders typically offer mortgages between 4 to 4.5 times your yearly income. For a £320,000 property, without considering a down payment, you should ideally earn between £71,000 and £80,000 annually. However, this requirement can vary depending on factors like your credit score, existing financial commitments, and the size of the deposit you’re able to provide.

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