Additional Borrowing On Mortgage

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Why Choose Us

0 %
5-star reviews on Google
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
£ 0
total donated to various charities

Why Choose Us

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

When considering enhancing your property, consolidating debts, or maybe even financing a significant life event, finding the right financial solution is paramount. At Ascot Mortgages, we help clients navigate the realm of additional borrowing on mortgages, ensuring they find favourable terms and rates that align with their financial objectives. As you explore the possibilities of securing extra funds, understanding the nuances of a further advance is key to making informed decisions.

What Our Clients Say About Us

5.0 Based on 122 reviews from review us onLucy 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!Aamir R. ★★★★★ As first time buyers we had very little understanding of how to go about applying for a mortgage. Phil was so helpful in cutting through all of the formalities and helping us to decide which mortgage would be best for us also ensured we collated all the details needed and kept us up to date on progress. The process of finding the right house was very stressful but the process of choosing and applying for the mortgage and life cover has been so straight forward that, at times, we were worried it was all a bit too smooth! Thank you for guiding us through this so professionally and with real understanding and personality.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.david R. ★★★★★ I have dealt with Ascot for many years now and will always go back, recently had all my insurances re done by Richard Johnston at the firm, excellent service, communication and swift actions by Richard. Great deals on all three insurances and would recommend anybody to go to Richard for help. Thanks Richard 👍Eve Alexandra C. ★★★★★ We used Ascot Mortgages to purchase a home as first time buyers, Ellie assisted us with this and went above and beyond to ensure everything went smoothly, all questions were answered, and any queries were solved.As first time buyers, myself and my partner were quite nervous and clueless as to what to expect when getting a mortgage and what not, and Ellie made this so simple and explained everything in a way that we thoroughly understood what was happening with our house buying journey, without it being pure jargon.I can't thank Ellie enough, she truly has been a star during the whole experience and is an asset to Ascot Mortgages.She is someone who I would definitely recommend to friends and family if the opportunity arises, and has made this whole experience a very stress free and exciting one!Thank you for everything Ellie!Emma W. ★★★★★ Alison helped me to get the right mortgage for my current situation and was very supportivehelen L. ★★★★★ Phil Greenwood dealt with my recent remortgage, he made sure I had the best product to fit our HMO criteria. Then chased solicitors for me and made sure I completed around the date I wanted to avoid my ridiculous rate I was about to be switched to. Thanks Phil, great job! Ready for my next mortgage now so I will be coming back 🙂Mark C ★★★★★ Excellent service from an excellent representative. Very professional and helpful company. Thank you for all your helpDamian L. ★★★★★ I recently purchased a buy-to-let from Auction and Ascot Mortgages, in tandem with Ascot Bridging Finance, supported me through the whole process. Once the property purchase via a bridging loan was complete, Ascot Mortgages worked out the best options for me, despite the Banks rising interest rates and spiralling UK inflation and managed to secure me a competitive mortgage rate for that property. I wouldn't hesitate in going back to Ascot Mortgages in the future and look forward to working with them again in the near future. Thank you for everything you've doneJuliet B. ★★★★★ Thank you to Alison for helping us and sorting out our mortgage. Swift, reliable and very helpful. Very much appreciated. God bless you abundantly 👍👌🤝gareth P. ★★★★★ Been with Alison and team for more than 25 years. Needless to say, very happy...Jo T. ★★★★★ We have been using Ascot Mortgages for the last few years and they have done 11 buy to let products for us.We have found Alison, Phil, Jason, Jardelle and the team to be excellent at finding the best product for us and to work at pace when we are buying from auction and have a deadline to meet.Communication is very good and nothing is too much troubleBen H. ★★★★★ I can't recommend Ascot Mortgages highly enough.We have used them for all of our Mortgages . They are professional and friendly and have walked us through all our options, they always have the time to talk to you and go the extra mile to get you the best deal. It wont be long till I'm calling on their services again, I wouldn't go anywhere else.If you want a mortgage, there's only one place to go!Dog J. ★★★★★ Ascot went the extra mile to help me acquire a mortgage. With the help of Jason and Ellie I was able to get a competitive rate after 3 other firms had told me they couldn't help me. Great levels of communication throughout, I would highly recommend!Ursula B. ★★★★★ Alison was very friendly and professional in securing the right bridging for us and at a very competative price. This ensured that we were able to place an immediate offer and not miss out on our forever home. Later her help and support in finally getting our completion over the line was nothing short of a miracle. I would strongly recommend both Alison and the team at Ascot Mortgages.primrose C. ★★★★★ ALISON IS BY FAR THE BEST IN THE GAME. ALL WE CAN SAY IS THANK YOU SO MUCH. They are passionate on customer service, even in my frustrated time Alison, Jadelle, Ellie I could name them all. May the good LORD BLESS YOU.js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

08.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

08.10.2023

Increasing My Mortgage – What is a Further Advance?

A further advance is a method of additional borrowing on mortgage wherein homeowners can borrow more money from their current mortgage lender. This extra borrowing on mortgage is typically at a different rate to your main mortgage, but it’s consolidated into one monthly repayment.

Essentially, a further advance increases the total amount you owe on your mortgage, but it also offers the potential to access lower interest rates compared to other types of loans. The repayment of this additional sum is spread over the remaining term of your mortgage, making it a viable option for those seeking to leverage the equity built up in their home.

When considering a further advance, it’s imperative to assess the interest rates, additional repayments, and any fees involved. We guide you through this assessment, ensuring you comprehend the implications and benefits of additional borrowing on mortgage, thus empowering you to make decisions that suit your financial landscape.

When a Further Advance Might Make Sense

A further advance or extra borrowing on mortgage might make sense in various scenarios, depending on individual needs and financial situations. Here are some instances where it could be a favourable option:

1. Home Improvements:

 – If you’re planning significant home improvements that will potentially increase your property’s value, a further advance can provide the necessary funds.

 – We can help you evaluate whether the increase in property value outweighs the cost of additional borrowing.

2. Debt Consolidation:

 – Consolidating higher-interest debts into your mortgage can potentially reduce monthly payments and make debts more manageable.

 – However, it’s crucial to consider the long-term implications, as spreading repayments over a longer term might increase the overall cost.

3. Major Life Events:

 – Funding significant life events like a wedding or education can be facilitated through additional borrowing, especially if the interest rate is favourable compared to other types of loans.

 – We assist you in assessing the affordability and suitability of using a further advance for such purposes.

4. Property Investment:

 – If you’re eyeing an investment opportunity, such as purchasing a buy-to-let property, a further advance might be a viable funding solution.

 – Ascot Mortgages can guide you through the property investment landscape, ensuring you secure a deal that aligns with your financial goals.

Before opting for a further advance, it’s essential to consider alternatives like remortgaging or taking out a personal loan, depending on the amount needed and your individual circumstances. Ascot Mortgages offers expert advice, helping you explore all available options and choose the one that best meets your needs.

Mortgage Repayment Calculator

Work Out How Much You Can Afford

Determining how much you can afford in additional borrowing is a critical step in the process. Ascot Mortgages assists you in this calculation, considering factors such as your income, outgoings, the equity in your home, and the impact of potential interest rate changes. Here’s a closer look at the factors involved:

1. Assess Your Income and Outgoings:

 – Evaluate your monthly income against your regular outgoings to ascertain how much you can comfortably afford in additional repayments.

 – Consider any potential changes to your income or expenditure in the future.

2. Evaluate Home Equity:

 – The equity available in your home is a significant factor in determining how much you can borrow.

 – Equity is the difference between your property’s value and the remaining mortgage balance.

3. Interest Rates and Loan Terms:

 – Consider the interest rate on the additional borrowing and how it compares to your existing mortgage rate and other loan options.

 – Assess the term over which the additional borrowing will be repaid and how it impacts the overall cost.

4. Fees and Charges:

 – Be aware of any fees or charges associated with additional borrowing on mortgage, such as arrangement fees or valuation fees.

 – We provides a transparent overview of all associated costs, ensuring you make informed decisions.

5. Affordability Assessment:

 – Lenders will conduct an affordability assessment, considering your income, credit score, and other financial commitments.

 – Our advisors guide you through the assessment process, offering insights and advice to enhance your borrowing capacity.

Understanding your financial capacity and the implications of additional borrowing is essential. At Ascot Mortgages, we are dedicated to providing comprehensive advice and support, ensuring you navigate the landscape of additional borrowing with confidence and clarity.

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.

Ascot Mortgages – Guiding You Through Additional Borrowing

Ascot Mortgages has established itself as a trusted advisor in the UK mortgage landscape, offering bespoke solutions and expert guidance to clients seeking to increase their mortgages through further advances. Our commitment to transparency, regulatory compliance, and client satisfaction ensures you receive the best advice and service as you explore the possibilities of additional borrowing on mortgage.

Whether you are contemplating home improvements, debt consolidation, funding life events, or property investment, our experienced team at Ascot Mortgages is here to support you every step of the way. We help you assess your affordability, explore various options, and secure deals that align with your financial objectives.

Remember, the decision to borrow more money against your property is a significant one, and it’s crucial to seek professional advice to understand the implications and benefits. Ascot Mortgages is here to provide the insights and expertise you need to make informed decisions about additional borrowing on mortgage. Contact us today to discuss your needs and explore the best solutions tailored to your unique financial landscape.

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FAQ

Additional borrowing on your mortgage, often referred to as a ‘further advance’, can be used for a variety of purposes. Common reasons include home improvements, consolidating debts, funding significant life events like a wedding or education, or purchasing additional property. Always ensure that the purpose for the borrowing aligns with the lender’s criteria and is in your best financial interest.

The interest rate for additional borrowing is typically determined by several factors: the lender’s current rates, the amount of equity you have in your home, your credit score, and prevailing market conditions. It might not be the same as your existing mortgage rate and can be fixed or variable. Each lender will have its terms, so it’s essential to review the details or speak with a mortgage advisor to understand the best options available.

The time frame for approval on additional borrowing varies but typically ranges from a few days to a few weeks. Factors influencing this include the lender’s current processing times, the complexity of the application, and how quickly you provide the necessary documentation. Engaging with a mortgage advisor can help streamline the process and provide clarity on expected time frames.

Yes, many lenders allow you to pay off additional borrowing early. However, it’s essential to be aware that early repayment charges may apply, especially if you’re within a fixed-rate period. The terms of early repayment will be specified in your mortgage agreement. If considering early repayment, it’s wise to consult your mortgage advisor or the lender to understand any potential penalties or fees.

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