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Why Choose Us

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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
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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

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 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:

04.10.2023

Written by:

Alison Gibson

Ascot Mortgage Expert

Last Updated:

04.10.2023

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

Remortgage

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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FAQ

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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