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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 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

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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