Types of Mortgages
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Why Choose Us
Why Choose Us
Ascot Mortgages understands that taking out a residential mortgage is one of the most important financial decisions you will take in your lifetime and we understand how daunting it feels in the tough economic climate we are in today. There are so many mortgages available, different rates, different features, different fees etc. Ascot Mortgages will take the time to cut through all of these to secure exactly the right mortgage for your own unique personal circumstances.
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.10.2023
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.10.2023
Experts in finding precisely the best residential mortgage for you
We are experts in finding precisely the best mortgage for every single customer. By finding the best mortgage first time you can save thousands of pounds over the length of your mortgage. Whether you have a house and a mortgage already and you are looking to reduce your monthly payments or lower your interest rate – You can be certain Ascot Mortgages will find the best remortgage deal including great rates on 70% LTV remortgages for you (including many mortgage deals not available directly to the public). Alternatively you could be a first time buyer looking for that first mortgage with a high loan-to-value mortgage.
First time buyers
With so many deals to choose from, finding the right first time buyer mortgage can be confusing. However, as a first time buyer you can enjoy some great money-saving offers, with extras and incentives from cash back to 3 year fixed rates. Ascot Mortgages can find the right mortgage for you. Our service is impartial and brings you the best mortgages from the whole of market. We currently have access to over a hundred high LTV mortgages for first time buyers with a deposit of 10% or less.
Which type of first time buyer mortgage?
As a first time buyer, you have lots of questions about how to get a mortgage and which type suits you best. For example, should you choose a fixed rate, a discount, capped or tracker mortgage?
We can help you understand the difference between various offers, and help you secure a mortgage that fits your circumstances. Here are some of the main mortgage types and ways to repay that you might want to consider:
- Fixed – pay a set rate of interest for an agreed period
- Tracker – your interest rate tracks the Bank of England base rate and can rise or fall
- Discounted – offers a small discount on the lender’s standard variable interest rate
- Capped – your interest rate won’t rise above an agreed level for a set period of time
- Current Account – combine a bank account with a mortgage, allowing you to make overpayments and receive daily interest changes
- Offset – hold all of your borrowings and savings with the same lender
Many First Time Buyers require a High LTV Mortgage – These are mortgages purposefully designed for first time buyers who have a low deposit – for more information on our low deposit mortgages please click: 90% LTV Mortgage.
Special first time buyer mortgages
Getting on the property ladder is becoming increasingly more difficult. There are several types of agreements tailor-made for first time buyers. Options include shared ownership, guarantor arrangements or shared ownership. Getting on the property ladder is becoming increasingly more difficult. There are several types of agreements tailor-made for first time buyers. Options include shared ownership, guarantor arrangements and the governments own Right to Buy Mortgage Scheme, which was relaunched in 2012.
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Home mover mortgages
With so many home mover deals to choose from, finding the right home mover mortgage can be confusing. However, with a whole of market choice, Ascot Mortgages can find the best deal from hundreds of different types of home mover mortgages. Our impartial service will source the best deal for you.
What do you need to consider as a Home Mover?
Moving home can be a stressful experience, not least when trying to understand how it will affect your mortgage arrangements. You may want to switch mortgage provider, move to a bigger house and increase your loan amount, or downsize and lower your monthly repayments. It’s important to find out how much your house is worth so that you can know what you are able to spend on a new home. Many companies offer a range of home mover services as part of their mortgage deals.
Home mover and other mortgage services
New home mover mortgages can be arranged with companies throughout the UK. You can also find a range of mortgage types, including first time buyers, buy to let, capital raising, debt consolidation, shared ownership and marital splits.
Re-mortgages
More and more UK homeowners are re-mortgaging to save money on their monthly repayments, so why not spend 5 minutes to see how much you could save? A remortgage is simply switching lender or finding a better deal with your existing lender which could significantly cut your monthly outgoings.
With many lenders’ Standard Variable Rates (SVRs) currently at historic lows, more and more borrowers have elected to stay where they are rather than remortgage to an alternative lender with a more expensive rate. However, some lenders have already increased their SVRs, so they may not be as competitive as you think they are. Also, as the best fixed rates have fallen recently and with the economic outlook as uncertain as ever, it could be the right time to consider protecting your mortgage against future rises in interest rates.
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.
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FAQ
The loan to value (LTV) rate determines how much you can borrow. A lower LTV typically results in better interest rates and more choice of lenders for remortgaging, as it represents lower risk to lenders.
Yes, you can choose to remortgage with a different lender. However, this should be based on factors such as interest rates, fees, and the terms and conditions of the potential new mortgage. Contact us today and we can help you to find the best option to suit your needs.
Most lenders will require a valuation of your property when you remortgage to ascertain its current market value. Some lenders may use an automated valuation model instead of a physical appraisal. Need help navigating this? Reach us today to discuss your mortgage needs.
Yes, when remortgaging a solicitor is required for both the mortgage lender and the applicant. Some mortgage lenders offer mortgage products that have a free legal facility. They handle the legal paperwork and advise on potential issues.
The amount you can borrow with a remortgage depends on multiple factors including your income, outgoings, credit score, the value of your property, and the lender’s criteria. Easy contact us to discuss your remortgage borrowing capacity.
The remortgaging process typically takes between 4 to 8 weeks, but can be quicker or slower depending on your circumstances and the lender’s processes. For help in understanding what you can expect, contact us today!
To improve your chances of being accepted for a remortgage, maintain a good credit history, ensure your income is stable, and reduce your overall debt. It can also help to have a clear purpose for remortgaging. Need advice? Reach us today.
It is possible to remortgage with bad credit, but options may be limited and interest rates may be higher. Some specialist lenders provide services for people with poor credit histories.
Applying for a remortgage will likely require a credit check, which can leave a footprint on your credit file. However, the impact on your credit score is usually minimal and temporary.
If your remortgage application is rejected, seek to understand why. It could be related to your income, property value, or credit score. You may need to consider alternative lenders or improve your financial situation. Contact us today for a free consultation and guidance on your options.
Yes, self-employed individuals can remortgage. However, you’ll need to provide more evidence of your income, usually in the form of HMRC documents for the last two or three years. If you’re self-employed and considering remortgaging, feel free to reach out to us whenever you’re ready to discuss this further.
Seeking advice on remortgaging can be beneficial to understand the costs, benefits, and potential risks. Professional mortgage advisors can guide you to make the best decision based on your circumstances. Need professional advice? Easy reach us and we always here to help!
Yes, there are fees involved in remortgaging. These can include exit fees from your current lender, arrangement fees for your new mortgage, valuation fees, legal fees, and broker fees. It’s important to factor these in when considering a remortgage.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £399 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £879 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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