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Why Choose Us

0 %
5-star reviews on Google
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
years we have been as independent mortgage and protection brokers
0 %
customer satisfaction for finding the best deals on the UK market

Are you considering switching mortgages? Changing your mortgage lender or switching to a new deal can provide you with several benefits, such as lower interest rates, reduced monthly payments, or access to additional funds. In this article, we’ll explore the reasons why you might want to change mortgage providers, the advantages of doing so, and when it might not be the right choice for you.

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:


Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:


Why should I switch mortgage provider?

There are several scenarios in which changing mortgage lenders or providers can be advantageous for homeowners in the UK.

Your fixed-term deal is about to end

If your fixed-term mortgage deal is coming to an end, it’s an ideal time to explore other options. When your current deal expires, you’ll usually be transferred to your lender’s Standard Variable Rate (SVR), which tends to be higher than fixed rates. By switching to a new mortgage deal before the fixed term ends, you can secure a better rate and potentially save a significant amount of money over the long term.

You want to overpay on your mortgage

If you have the means to overpay on your mortgage, switching to a new provider or changing your mortgage lender can offer you more flexibility. Some lenders allow you to overpay a certain percentage of your mortgage balance each year without incurring penalties. By changing mortgage providers that permit higher overpayment limits or has lower fees for overpayments, you can pay off your mortgage faster and potentially save on interest charges.

You're eligible for a more competitive mortgage tier

Over time, as your property increases in value and you pay off your mortgage, you may become eligible for a more competitive mortgage tier. Switching to a new provider can help you take advantage of lower interest rates and better terms, ultimately reducing your monthly payments and saving you money in the long run.

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What are the benefits of switching mortgage provider?

When you change mortgage providers or lenders, you can enjoy various advantages that can positively impact your financial situation.

You can find a better deal

By exploring different lenders and mortgage products, you have the opportunity to find a better deal that suits your needs. Comparing mortgage rates, terms, and fees from multiple providers allows you to identify the most competitive offer available, potentially saving you thousands of pounds over the course of your mortgage.

Get a more up-to-date property valuation

Switching mortgage providers often involves obtaining a new property valuation. If the value of your home has increased since you took out your original mortgage, you may be able to access better loan-to-value rates, allowing you to borrow a higher percentage of your property’s value. This can result in more favorable mortgage terms and lower interest rates.

Get access to a sum of money

If you’re looking to release equity from your property, switching mortgage providers can provide you with an opportunity to access a lump sum of money. This can be useful for home improvements, debt consolidation, or other financial needs. By switching to a new mortgage deal, you may be able to secure a larger loan amount or better borrowing terms to meet your requirements.

When shouldn't I switch mortgage provider?

While switching mortgage providers can be advantageous in many cases, there are situations where it may not be the right choice for you.

The early repayment fee is high

Some mortgage deals come with early repayment charges, which can be substantial. If your current mortgage has a high early repayment fee, it’s crucial to consider whether the potential savings from switching outweigh the costs. It’s advisable to consult with a mortgage advisor to assess the financial implications and determine if switching is the right decision for you.

Your mortgage debt is small

If you have a small mortgage debt remaining, the potential savings from switching may not justify the associated costs and fees. In such cases, it may be more beneficial to continue with your current mortgage until it’s fully repaid.

Your home's value has dropped

If your property’s value has decreased since you obtained your mortgage, switching to a new provider may result in higher loan-to-value ratios, higher interest rates, or even a lack of available options. It’s important to consider the impact on your finances before making a decision.

Your circumstances have changed

If your circumstances have changed significantly since you first obtained your mortgage, such as a change in employment or a reduction in income, it’s essential to evaluate your eligibility for a new mortgage deal. Lenders assess affordability based on various factors, including income, credit history, and financial stability.

You've had recent credit issues

If you’ve experienced credit issues since you obtained your current mortgage, such as missed payments or defaults, it may be more challenging to change mortgage providers. Lenders typically consider your credit history when assessing your application, and recent credit issues may limit your options or result in less favorable terms.

Alison Gibson

Ascot Mortgage Expert


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.

Am I eligible for a new mortgage deal?

Eligibility for a new mortgage deal depends on various factors, including your income, credit history, property value, and affordability. It’s advisable to consult with a mortgage broker who can assess your individual circumstances and guide you through the process. They will help you understand your options, compare deals, and find a mortgage provider that suits your needs.

How do I switch mortgage provider?

Switching mortgage providers typically involves the following steps:

Get in touch with a mortgage broker

Engaging a mortgage broker can simplify the process of switching mortgage providers. They have access to a wide range of lenders and can help you compare deals, understand the associated costs, and identify the most suitable mortgage option for you

Make your application

Once you’ve chosen a new mortgage provider, you’ll need to complete an application form. You’ll typically be required to provide documentation related to your income, employment, identification, and property details. The new lender will assess your application and conduct a valuation of the property.

Sign the offer

If your application is approved, the new lender will issue a mortgage offer outlining the terms and conditions of the new mortgage deal. It’s essential to review this offer carefully, ensuring that you understand the repayment terms, interest rates, and any associated fees.

Check your new mortgage's start date

Before finalising the switch, confirm the start date of your new mortgage with the new lender. This will ensure a seamless transition and avoid any potential overlap or gaps in mortgage payments.

At Ascot Mortgages, we understand that switching mortgage providers is a significant financial decision. Our experienced mortgage advisors are here to help you navigate the process, compare deals, and find the best option for your individual needs. Contact us today to discuss your mortgage requirements and explore the potential benefits of switching mortgage providers.

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When remortgaging, you may encounter several types of fees. These could include arrangement fees for the new mortgage, which can range from a few hundred to a couple of thousand pounds depending on the lender and deal. You might also face valuation fees for the new lender to assess the value of your property. If you’re leaving your current lender before your current deal ends, there may be early repayment charges, which can be a percentage of the loan. Solicitor’s fees for handling the legal side of things should also be considered. It’s important to factor all these costs into your decision to remortgage.

The process of switching mortgage lenders can typically take between 4 to 8 weeks, but it may be longer depending on individual circumstances. This includes the time for an application review, property valuation, legal work, and finally, the completion. To avoid any gaps and to ensure the switch takes effect smoothly, it’s advisable to begin this process around 3 months in advance of the current product ending. This timing allows for a balance, initiating the process within a good time frame, but not too soon, to ensure everything aligns with the desired schedule.

Technically, you can switch mortgages as often as you like, as long as you’re able to meet the criteria set by lenders. However, most people tend to switch at the end of their mortgage deal, which is usually every 2 to 5 years. Switching more frequently could incur early repayment charges and additional fees, so it’s important to consider these factors before deciding to switch.

While switching mortgages can often save you money, there can also be disadvantages. These might include potential early repayment charges if you’re leaving your current deal before the term is up, fees associated with the new mortgage, and even the possibility of more stringent affordability checks. Moreover, if you have less equity in your home or your financial circumstances have changed, you might not get a better rate. Lastly, the process of switching can take time and effort. Therefore, it’s crucial to weigh the potential benefits against these drawbacks before making a decision.

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