Discounted mortgage information

Tailored rates with firstmortgage.co.uk

Find free and impartial student mortgage information with First Mortgage - the impartial broker you can bank on.

We scour the whole of the market for the best deals and offer an information service to help you find the right offer. Call us now on 0845 603 1525 for an immediate quote.

How does a discounted mortgage deal work?

Discounted mortgages work in a similar way to tracker mortgages. Both are variable loans, meaning that the rate can change during your mortgage term. However, unlike a tracker, a discounted mortgage doesn’t follow the base rate. Instead, discounted mortgages offer a reduction in the lender’s SVR (standard variable rate) for an agreed period of time. Usually, this is around 0.5 -1.5% less than the standard rate for a duration of 2-3 years.

As with any type of mortgage you need to make sure that you can afford the monthly repayments. Visit our calculator page to find out how much you can borrow without overstretching your finances.

Further discounted mortgage information...

Before you make a decision on which type of mortgage to take out, it’s worth considering the following pieces of discounted mortgage information:

 This deal is most effective when interest rates fall - because your monthly repayments will go down in line with the decrease

 However, it’s important to make sure that you can manage any increases in your monthly payments in case interest rates rise

 You often pay less that you would with a standard variable mortgage

 They are some of the cheaper available mortgages, but they are tied to a risk of increased interest rates.

 People who prefer to know exactly how much they will pay each month will probably be better suited to a fixed rate mortgage.

 Your discount period only lasts for part of the mortgage term, usually the first 3 years.

 There may be early switch or repayment charges.

Find discounted mortgage information

Call us on 0845 603 1525 for more discounted mortgage information and to arrange an immediate quote. You may also want to view other types of available deals, including fixed rate, tracker, flexible, capped, offset, current account and cashback mortgages.