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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 penalties.
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.
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