Residential Mortgages: A Comprehensive Guide

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Why Choose Us

0 %
5-star reviews on Google
0
years we have been as independent mortgage and protection brokers
0 %
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

Mortgages can be intimidating, especially when you’re making a significant financial commitment. Whether you’re buying your first home or looking for a new property to invest in, understanding residential mortgages can help you make informed decisions.

As a leading, experienced mortgage broker, Ascot Mortgages Ltd aims to simplify this process. We will guide you through the complexities of the residential mortgage journey, making it less intimidating and more straightforward.

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

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

08.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

08.10.2023

How a Residential Mortgage Works

A residential mortgage is a long-term loan that allows you to purchase a home. The property acts as collateral, providing security to the lender. If you fail to make repayments on time, the lender has the right to take possession of your property. 

How Much Deposit Do I Need for a Residential Mortgage?

In the UK, a standard residential mortgage requires you to provide a deposit of a minimum of between 5 – 10% of the property’s value. However, this could vary depending on your financial circumstances and the lender’s criteria.

Ascot Mortgages Ltd offers free initial financial advice, helping you understand what deposit might be required for your own unique situation. We’ll guide you through the abundance of options, helping you find the perfect deal.

What is Loan to Value (LTV) for Residential Mortgages?

The loan to value ratio (LTV) refers to the amount you wish to borrow compared to the value of the property. It’s a crucial factor lenders consider when assessing your mortgage application. The higher your LTV, the higher the risk you pose to the lender.

How Does Interest on a Residential Mortgage Work?

Interest is the cost of borrowing money, and it’s calculated as a percentage of the loan. For a residential mortgage, interest can be applied in various ways, such as fixed, variable, or tracker rates.

What are the Different Types of Interest Rate?

There are primarily two types of residential mortgage rates – fixed and variable. 

Fixed rates mean your interest rate will remain the same for a set period, while variable rates fluctuate according to the lender’s standard variable rate (SVR) or external factors like the Bank of England’s base rate. 

Ascot Mortgages Ltd can help you navigate these complex terms, ensuring you get the best residential mortgage rate tailored to your needs.

Monthly Repayments Explained

Monthly repayments are essential for any residential mortgage, as they allow you to repay the capital borrowed and the interest accrued over the term.

How are My Payments Calculated?

Your monthly repayments will depend on the amount borrowed, the term of the loan, and the interest rate. It’s important to understand how these payments are calculated to budget effectively.

Capital and Interest Repayments

Most residential mortgages in the UK operate on a capital and interest repayment basis. You pay back a part of the loan (capital) plus the interest accrued each month.

Interest-Only Repayments

In an interest-only mortgage, you only pay the interest each month. The loan’s capital is repaid in full at the end of the term.

What Happens if You Don't Make Your Monthly Mortgage Repayments?

Missing monthly repayments could lead to severe consequences. The lender could charge you late fees, and persistent failure to pay may result in the lender repossessing your property. This can also have an adverse effect on your future ability to borrow money.

At Ascot Mortgages Ltd, we make it our priority to provide simple, fast, and hassle-free service to ensure you understand your obligations.

Mortgage Repayment Calculator

How Can You Find the Best Residential Mortgage?

Finding the best residential mortgage involves considering your individual circumstances, market trends, and various lenders’ offerings. 

Ascot Mortgages Ltd stands out as a residential mortgage broker who will search across the market for you. We are committed to offering honest, reliable mortgage advice, tailored to your circumstances. We take the time to cut through the various rates, features, and fees, securing the right mortgage for you. 

In conclusion, understanding the intricacies of a residential mortgage can be a daunting task, but it doesn’t have to be. At Ascot Mortgages Ltd, we’re here to help you navigate this complex landscape, simplifying the process, and securing the best residential mortgage for you. Trust us to help make your dream home a reality.

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FAQ

The amount you can borrow typically depends on your income, credit history, and current financial obligations. Most lenders offer up to 4-4.5 times your annual income. However, when you’re ready, we can provide a more personalised estimate.

Typically, you’ll need proof of identity, proof of address, last 3 months’ bank statements, and proof of income (e.g., payslips or accounts if self-employed). We’re here to help you gather the necessary documentation when you’re ready.

Yes, it’s possible to switch from a buy to let mortgage to a residential mortgage, though you’ll need to meet the lender’s affordability criteria and may face early repayment charges on your buy to let mortgage. Reach out when you’re ready, and we can guide you through the process.

Yes, you can have more than one residential mortgage, for example, if you’re buying a second home or helping a family member purchase a property.

To get consent to let on your residential mortgage, you’ll need to apply through your mortgage lender. They may set certain conditions and may increase your interest rate or charge a fee.

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