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Why Choose Ascot Mortgages

0 %
5-star reviews on Google
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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 Ascot Mortgages

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

What Our Clients Say About Us

5.0 Based on 142 reviews from review us onAreti 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. ★★★★★ 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!js_loader

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

06.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

06.10.2023

Three Year Fixed-Rate Mortgages: A Comprehensive Guide

As a mortgage adviser with years of experience in the UK, I’m here to help you make sense of the labyrinth that is the mortgage market. Today, we will be looking at a particularly popular type of home loan – the 3-year fixed-rate mortgage. This mortgage product can be an ideal solution for certain homeowners, so let’s explore what this entails.

What is a Fixed-Rate Mortgage?

At its core, a fixed-rate mortgage is a type of home loan where the interest rate remains the same throughout a predetermined period, which in our case is three years. Regardless of market fluctuations or economic climate, your monthly payment repayments stay constant. The fixed-rate ensures you know exactly what you’ll be paying each month, providing stability and predictability, highly valuable to homeowners who budget meticulously.

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Is a Three Year Fixed-Rate Right for Me?​

Deciding if a 3-year fixed-rate mortgage is the right choice for you depends on several factors. It may be an attractive option if you anticipate interest rates to rise in the short-term future, as your rate would remain locked in, unaffected by such fluctuations. 

Another key consideration is your financial circumstances and future plans. A three-year fixed-rate is relatively short, making it suitable for those uncertain about their situation in the medium to long-term. Whether that uncertainty stems from potential career changes, plans to move house, or simply a desire for flexibility, this option offers you a degree of security without locking you in for too long.

The Pros and Cons of a Three Year Fixed-Rate Mortgage​

Like any financial product, a 3-year fixed-rate mortgage comes with its own set of pros and cons.

Starting with the advantages, the primary benefit of a fixed-rate mortgage is the certainty it provides. Regardless of what happens in the broader economy, you can rest assured knowing your monthly payment repayments will stay the same for the next three years. 

Furthermore, a three-year term allows for flexibility. Compared to longer fixed-rate periods, it provides an earlier opportunity for you to reassess your mortgage needs and explore different products without facing early payment charges or repayment charges.

On the flip side, the main drawback of a three-year fixed-rate is that if interest rates fall, you could end up paying more than necessary. You’re also likely to face early repayment fees if you wish to switch mortgages before the end of the three-year term. Lastly, after your fixed-rate term ends, you will likely be moved onto your lender’s standard variable rate, which may be higher than your fixed rate.

In conclusion, a 3-year fixed-rate mortgage can provide a beneficial balance of certainty and flexibility, but it’s essential to consider your personal circumstances and the potential for interest rate changes. The mortgage market can be complex, so getting expert advice is key to making the best decisions. If you’re considering a three-year fixed-rate mortgage and would like to discuss this in more detail, don’t hesitate to contact us at Ascot Mortgages. Our expert team is on hand to guide you through the process and help you find the best mortgage payment solution for your needs.

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FAQ

A 3-year fixed-rate mortgage essentially offers a balance between the shorter-term 2-year and the longer-term 5-year fixed-rate mortgages. The advantage is that you’re protected from potential interest rate rises for a period of three years, but the term is short enough that you’re not locked in for an extended period if rates decrease. The rate itself might be slightly higher than a 2-year fixed rate but generally lower than a 5-year rate. This type of mortgage might be suitable for those seeking stability but also some flexibility in the medium term.

You can switch to a different mortgage term before the end of the 3-year fixed-rate period, but you will likely face an early repayment charge (ERC). The ERC is typically a percentage of your outstanding mortgage and can be quite costly. However, it may still be worth considering if the potential savings from switching to a lower rate outweigh the cost of the ERC. It’s always recommended to discuss your options with a mortgage advisor before making any decisions.

At the end of the 3-year fixed-rate period, your mortgage usually reverts to the lender’s standard variable rate (SVR), which is often higher than your fixed rate. You can avoid this by remortgaging to a new deal, either with your current lender or a different one. It’s generally recommended to start looking at new deals, before your current fixed rate term is due to expire. With the majority of Lenders you can start this process up to 6 months before your fixed-rate term ends, so you can transition smoothly onto a new mortgage without spending any time on the potentially higher SVR.

Yes, you can potentially lock in a new 3-year fixed-rate mortgage when interest rates decrease. This is often referred to as ‘remortgaging’. It might be a good opportunity to save money by locking in a lower rate. However, it’s important to consider any early repayment charges on your current mortgage, as well as fees associated with the new mortgage, when determining if it’s financially beneficial to remortgage. Always seek professional advice to ensure you’re making an informed decision.

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