Residential Mortgages

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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 145 reviews from review us onElliot E. ★★★★★ Phil Greenwood was fantastic in assisting us in getting our BTL mortgage when several other mortgage brokers were not able to, given our particular circumstances and self employed status. From starting with an initial call right through to the finish, communication was excellent and we're absolutely thrilled. Thank you, Ascot Mortgages for such a professional service.vanessa G. ★★★★★ We had great experience with Natalia. She provided prompt and excellent service throughout our house purchase process.We highly recommend Natalia for mortgage adviseFlora 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.Debbie P. ★★★★★ Cannot speak highly enough of Ascot Mortgages who have helped me on my journey over the last seven years. They have made the dream property possible twice. Thank you to Alison, Jardelle and all the team. I am very grateful.Areti D. ★★★★★ Absolutely thrilled with the exceptional service provided by Ascot Mortgages Ltd and especially by Natalia Barry! Even though our home purchase hasn't been completed yet, we couldn't wait to share our positive experience. From the moment we reached out, their professionalism and expertise shone through, making the daunting process of securing a mortgage a breeze.Not only did Natalia navigate the intricacies of the mortgage market with finesse, but they went above and beyond by suggesting other high-quality services, including solicitors and insurance providers. This comprehensive approach is making the entire home-buying journey seamless and stress-free.Natalia took the time to understand our unique needs and financial situation, ensuring that the options presented were tailored perfectly.Communication is prompt and clear throughout, leaving us feeling informed and confident at every stage. Natalia had our best interests at heart, going the extra mile to secure a fantastic mortgage deal.We cannot recommend Ascot Mortgages and Natalia highly enough. If you're in need of mortgage assistance, look no further. With their expertise and dedication to client satisfaction, you're in the best hands possible. A huge thank you to Natalia for making our home-buying experience a dream come true!Ashley Cox 1. ★★★★★ Would 100% recommend. Myself and my partner are currently going through the mortgage process as first time buyers. Natalia Barry has dealt with our application from day one. She has always been on hand to help, informative throughout and reliable when we have had questions. She has given us several options and broken them down into simple terms to help us. Natalia has truly been exceptional who deserves every bit of credit. We certainly got lucky having her as our first mortgage consultant.Dominik S. ★★★★★ Alison and the Ascot Team are excellent. I have used them for 5 years now and they deliver the most competitive mortgage deals fast. Just what I need. Thank you!Eric T. ★★★★★ We have dealt with Ascot Mortgages twice. Once for a mortgage about eleven years ago and recently for life insurance.In both cases we were treated with the utmost respect and professionalism.In the case of the life insurance application, we considered ourselves to be problem customers because of our age and numerous health issues.Richard Johnson, who managed this application couldn't have been more helpful.He worked in our best interest and was dedicated to providing an excellent service.We were kept up to date through all of the stages of the application and when our doctors were very slow in producing medical reports for the insurance company he persisted where others might have given up.The service we had from Richard was pleasant and professional throughout some difficult stages.My wife and I have no hesitation in recommending Ascot Mortgages.Zack R. ★★★★★ Having dealt with Ascot Mortgages and Alison for many years now I can say that you wont find a more professional, knowledgeable and efficient company to help with your mortgage. Alison is patient and makes the whole process seem easy. She has the answer to any question you have and seems to genuinely care. I can not recommend enough. I am sure I will be using Ascot Mortgages for years to come.Umair Z. ★★★★★ It has been a fantastic experience to work with both Phil and Jardelle at Ascot Mortgages to secure a mortgage product for my first home. Phil made the mortgage process smooth and easy. They are professionals and know what they are doing. Very pleased with the service and communication. would highly recommend them.Hello at NLP West M. ★★★★★ I needed a buy to let re-mortgage. Ascot were efficient from start to finish. I can recommend them completely especially because they can search the whole spectrum of mortgage lenders and meet the clients needs. never waiting for staff to get back and always kept me in the loop.Onohomen O. ★★★★★ ZHOU J. ★★★★★ It has been a brilliant experience to work with both Phil and Jardelle at Ascot Mortgages to secure a great mortgage product for our next home. Given how challenging the current market is, they have done a fantastic job to meet our needs with their expertise, professionalism and effectiveness. We would highly recommend their services to whom seeks help with their property purchase.Nicholas 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.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. ★★★★★ js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

05.07.2024

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

05.07.2024

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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