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Why Choose Ascot Mortgages

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 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 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:

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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