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In this paper, we present a novel localization scheme, location-aware ranging correction (LARC), to correct ranging estimates from ultra wideband (UWB) signals. Existing solutions to calculate ranging corrections rely solely on channel information features (e.g., signal energy, maximum amplitude, estimated range). We propose to incorporate a preliminary location estimate into a localization chain, such that location-based features can be calculated as inputs to a range-error prediction model. This way, we can add information to range-only measurements without relying on additional hardware such as an inertial measurement unit (IMU). This improves performance and reduces overfitting behavior. We demonstrate our LARC method using an open-access measurement dataset with distances up to 20 m, using a simple regression model that can run purely on the CPU in real-time. The inclusion of the proposed features for range-error mitigation decreases the ranging error 90th percentile (P90) by 58% to 15 cm (compared to the uncorrected range error), for an unseen trajectory. The 2D localization P90 error is improved by 21% to 18 cm. We show the robustness of our approach by comparing results to a changed environment, where metallic objects have been moved around the room. In this modified environment, we obtain a 56% better P90 ranging performance of 16 cm. The 2D localization P90 error improves as much as for the unchanged environment, by 17% to 18 cm, showing the robustness of our method. This method evolved from the first-ranking solution of the 2021 and 2022 International Conference on Indoor Position and Indoor Navigation (IPIN) Competition. [ABSTRACT FROM AUTHOR]