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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 143 reviews from review us onFlora 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. ★★★★★ 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!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

What is a five-year fixed-rate mortgage?

A five-year fixed-rate mortgage is a mortgage type that offers borrowers a consistent interest rate for a period of five years, regardless of changes in the market rate. This means your monthly repayments remain the same for the specified period, providing financial stability and simplifying budgeting.

What are the pros and cons of a five-year fixed-rate mortgage?

The chief benefit of a 5-year fixed rate mortgage is the financial security it offers. No matter what happens with bank interest rates, your monthly payments stay the same. However, these mortgages often come with higher interest rates compared to shorter fixed-term deals, and they might lack the discount options found in variable rates. And if the market rate decreases, you won’t benefit from the reduction.

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When is a good time to get a five-year fixed-rate mortgage?

The best time to consider a five-year fixed-rate mortgage is when interest rates are low, or if you anticipate an increase in rates in the near future. It’s also a strong option if you require certainty in your monthly outgoings for medium-term financial planning.

How do I choose the best five-year fixed-rate mortgage for me?

To select the optimal five-year fixed-rate mortgage, consider your financial situation, future plans, and the current economic climate. Seek advice from a professional broker, we can guide you through the process and compare the best deals on the market for you.

How much deposit do I need for a five-year fixed-rate mortgage?

The amount of deposit required for a five-year fixed-rate mortgage can vary. However, most lenders offer the best rates to borrowers with a larger deposit, typically 25% to 40% of the property’s value.

Can I pay off a five-year fixed-rate mortgage in advance?

Generally, you can pay off a fixed-rate mortgage early. However, this can incur an early repayment fee. It’s important to review the terms of your mortgage agreement before making additional payments.

An experienced broker, such as Ascot Mortgages, can help you determine if a 5-year fixed rate mortgage is the best option for you. We assist in sourcing the best mortgage deals efficiently, ensuring your consideration is well-placed. 

Five-year fixed-rate mortgage deals offer long-term stability, particularly beneficial in fluctuating economic climates. Whether a first-time buyer or looking to switch your existing mortgage, you can enjoy this peace of mind. 

We’re experts in securing the right mortgage for all customers. Reach out for a free initial consultation. We will search across the market, ensuring you get the most cost-effective offer for your circumstances and budget.

After your fixed term ends, we can help you explore other options, such as the lender’s Standard Variable Rate (SVR), to ensure continuous optimal deals. Five-year terms are often the longest available, providing stability across a 60-month period.

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FAQ

Yes, you can pay off a fixed-rate mortgage before it ends, but it’s important to be aware that many lenders will charge an Early Repayment Charge (ERC) if you pay off all or part of your mortgage during the fixed-rate period. The amount of the ERC will typically be a percentage of the outstanding loan balance, and it can be quite significant. Always consult your mortgage agreement or speak with your lender or mortgage advisor to understand the implications of paying off your mortgage early.

Yes, most lenders will allow you to overpay on a fixed-rate mortgage, but there will typically be a limit to how much you can overpay each year without incurring an Early Repayment Charge (ERC). This limit is usually expressed as a percentage of the outstanding loan balance and is commonly set at 10% per year, but this can vary between lenders. Overpaying can reduce your overall term and the amount of interest you pay over the life of the mortgage.

When your five year fixed-rate period is nearing its end, it’s a good time to start exploring your options. If you do nothing, your mortgage will usually revert to your lender’s standard variable rate (SVR), which could be higher than your fixed rate. You can avoid this by remortgaging to a new deal with your current lender or a different one. You should start the process a 6 months before your fixed rate ends to allow enough time for the application and transition.

Your credit score is one of many factors that lenders will consider when deciding whether to approve your mortgage application and what interest rate to offer you. Having a good credit score can increase your chances of being approved and may help you to secure a lower interest rate. However, each lender has its own criteria, and it’s possible to get a mortgage even if your credit score isn’t perfect. It’s always best to speak with a mortgage advisor who can guide you based on your specific circumstances.

The amount you can borrow is typically determined by your income, outgoings, and the lender’s affordability criteria, rather than the type of interest rate on the mortgage. However, a fixed-rate mortgage can provide certainty about your monthly payments for a set period of time, which can make budgeting easier. It’s important to only borrow what you can comfortably afford to repay, taking into consideration potential future interest rate rises.

No, the interest rate on a fixed-rate mortgage is set at the start of the term and remains the same for that term, regardless of changes to the Bank of England base rate. This is one of the key benefits of a fixed-rate mortgage, as it provides certainty about your monthly payments for a set period of time. However, once your fixed-rate term ends, your mortgage will typically revert to the lender’s standard variable rate (SVR), which can change in response to changes in the Bank of England base rate.

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