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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.11.2024
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
04.11.2024
There are literally thousands of mortgage products available from hundreds of lenders. Many people feel overwhelmed by the prospect of searching for the best deal. In fact, we reckon that people will spend more time deciding which mortgage to use, than which house you want to buy! That is unless you use a broker such as Ascot Mortgages who will do all the leg work for you.
Ascot Mortgages can quickly and precisely review your best mortgage options. We are careful to check all the finer details which ensures that a deal that looks good, really is good, as all too often, if a deal looks too good to be true, it usually is. Not always though – and we are here to find them for you.
- Experienced, comprehensive mortgage brokers
- Free initial financial advice
- Simple, fast, hassle-free service
- We will search across the market for you
Using an experienced mortgage broker
Arranging a mortgage can be one of the most exciting but stressful tasks that you have to do. There seems to be another language of acronyms and a whole range of pitfalls waiting to snare the unsuspecting buyer as they seek to arrange a mortgage to finance their dream home. Often, when arranging a mortgage, you can get carried away with the home that you have seen and desperately wish to purchase, and it has been known for buyers to get distracted with the property and sign up for a deal that, in retrospect, probably wasn’t the best one for them.
For this reason mortgage brokers are a great place to start. Ascot Mortgages are a perfect example of how having a mortgage broker who knows the market can work for you: this means that we can access any deal across the UK mortgage market. As we deal daily with mortgages, we are up to date and in the loop with the best deals and any changes taking place. We are impartial and often have a range of contacts across different lenders, with no incentive to ‘sell’ a particular one, and an interest in acting in the needs of our client.
Mortgage brokers are accountable for recommending a certain mortgage
As mortgage brokers, here at Ascot Mortgages we have a duty of care to you and we have to justify why we have recommended a certain product or lender to you. By using a mortgage broker there is more accountability for you should things go wrong.
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Mortgage brokers can take advantage of good relationships with lenders
Brokers, by virtue of dealing with lenders daily, tend to build professional relationships and so can often make sure that they take full advantage of their best offers and options. As we deal with lenders on a daily basis we know who to contact and how to get your application placed with no delay. Also knowing that the broker deals with lenders daily means that they have their reputation to protect and so you can be even more reassured that they are going to act in a professional and honest manner for you. It is this relationship, based on respect and honesty, which means that brokers can often get you the best deal from lenders and so are a great option.
Using a mortgage broker can save you the time
Not only can visiting numerous lenders be a hassle and time killer, it can also have a detrimental effect on your credit score if you apply to different lenders. As credit is harder to get as a result of the economic difficulties that have arisen over the past five years, it is not a great idea to be having multiple lenders carry out various credit checks against your file as it might make lenders suspicious and wary of lending to you in the future. Not to mention the tedium of filling out numerous mortgage applications and credit scoring forms!
Many brokers, such as us here at Ascot Mortgages, are willing to have a no-obligation consultation with clients. These initial meetings are free of charge and means that you can decide what it is that you need from a product, without being pressured into a hard sell. Therefore, we challenge you to give us a call today and see for yourself how easy we can make the purchase of your dream property!
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.
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FAQ
The loan to value (LTV) rate determines how much you can borrow. A lower LTV typically results in better interest rates and more choice of lenders for remortgaging, as it represents lower risk to lenders.
Yes, you can choose to remortgage with a different lender. However, this should be based on factors such as interest rates, fees, and the terms and conditions of the potential new mortgage. Contact us today and we can help you to find the best option to suit your needs.
Most lenders will require a valuation of your property when you remortgage to ascertain its current market value. Some lenders may use an automated valuation model instead of a physical appraisal. Need help navigating this? Reach us today to discuss your mortgage needs.
Yes, when remortgaging a solicitor is required for both the mortgage lender and the applicant. Some mortgage lenders offer mortgage products that have a free legal facility. They handle the legal paperwork and advise on potential issues.
The amount you can borrow with a remortgage depends on multiple factors including your income, outgoings, credit score, the value of your property, and the lender’s criteria. Easy contact us to discuss your remortgage borrowing capacity.
The remortgaging process typically takes between 4 to 8 weeks, but can be quicker or slower depending on your circumstances and the lender’s processes. For help in understanding what you can expect, contact us today!
To improve your chances of being accepted for a remortgage, maintain a good credit history, ensure your income is stable, and reduce your overall debt. It can also help to have a clear purpose for remortgaging. Need advice? Reach us today.
It is possible to remortgage with bad credit, but options may be limited and interest rates may be higher. Some specialist lenders provide services for people with poor credit histories.
Applying for a remortgage will likely require a credit check, which can leave a footprint on your credit file. However, the impact on your credit score is usually minimal and temporary.
If your remortgage application is rejected, seek to understand why. It could be related to your income, property value, or credit score. You may need to consider alternative lenders or improve your financial situation. Contact us today for a free consultation and guidance on your options.
Yes, self-employed individuals can remortgage. However, you’ll need to provide more evidence of your income, usually in the form of HMRC documents for the last two or three years. If you’re self-employed and considering remortgaging, feel free to reach out to us whenever you’re ready to discuss this further.
Seeking advice on remortgaging can be beneficial to understand the costs, benefits, and potential risks. Professional mortgage advisors can guide you to make the best decision based on your circumstances. Need professional advice? Easy reach us and we always here to help!
Yes, there are fees involved in remortgaging. These can include exit fees from your current lender, arrangement fees for your new mortgage, valuation fees, legal fees, and broker fees. It’s important to factor these in when considering a remortgage.
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Legal
Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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