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May 2020

Marie DalrympleMarie DalrympleBy Marie Dalrymple, Ascot Lloyd Mortgage & Protection Consultant

UK mortgage rates have dropped to their lowest levels following the cut in the Bank of England base rate to 0.1% on 19 March – the lowest it has been in the Bank’s 325-year history.

So borrowers may be able to reduce their mortgage costs considerably by re-mortgaging to a more competitive deal.

If your mortgage deal is coming to the end or you are on a lender’s standard variable rate (SVR) you might be paying over the odds and could potentially save hundreds, if not thousands, of pounds a year by re-mortgaging while the interest rate remains low.

There are various types of mortgages on the market to suit all needs and our mortgage adviser can help you understand which is right for your circumstances. Ascot Lloyd has access to the whole market (including your existing lender) and we can determine the best plan for you.

There are many reasons to re-mortgage; raising capital, consolidating debt or just finding a deal that saves you money. Its best to allow plenty of time when re-mortgaging and especially check your existing deal on fees such as early repayment charges.

Porting your mortgage

Moving home rarely ties in neatly with the end of your current mortgage rate. In this instance you may be able to ‘port’ (move) your mortgage to your new home. However, even though you are effectively keeping the same deal, you will still need to complete affordability and credit checks again.

We can handle the process of porting your mortgage to your new home and we can also secure further borrowing (where required) to complete the purchase.

Lifetime mortgages

Lifetime mortgages are a type of equity release product that allows you to free up capital from your home in one lump sum or as multiple withdrawals. This cash can be used for a wide range of purposes, from supplementing your retirement income to passing wealth on to the next generation.

For many, a lifetime mortgage provides a viable way to help children or grandchildren pull together a big enough deposit for a house.

Similar to standard interest only mortgages, retirement interest only mortgages let you pay the interest on the loan monthly. However, these mortgages do not have a set term or end date. Instead of taking them out for a specified number of years, they end when you die, go into care, or sell your property.

Because we are independent, we source products from the whole market and often have access to special rates that aren’t available in the open market. From a mortgage for a non-conventional build to a remortgage we can help you secure a lower rate. We will find the most competitive deal for your needs.

If you would to like to find out more about how we could help you, call me direct on 0118 907 9898 or email me at This email address is being protected from spambots. You need JavaScript enabled to view it.

Important Information

Past performance is not a guide to future performance and may not be repeated. Investment involves risk. The value of investments and the income from them may go down as well as up and investors may not get back any of the amount originally invested. Because of this, an investor is not certain to make a profit on an investment and may lose money. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is for information purposes only. Nothing in this communication constitutes financial, professional or investment advice or a personal recommendation. This communication should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the document. Any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or companies within the same group as Ascot Lloyd as a result of using different assumptions and criteria.