UK Discounted Rate Mortgage

Discounted mortgages offer customers the opportunity to pay a discounted interest rate for a set period of time. Discounted mortgages guarantee you’ll pay a set discount below the standard variable rate for an agreed number of years. The standard variable rate goes up and down, but the discount remains the same. Generally the shorter the period of discount the higher the discounted rate will be.

A discounted Rate Mortgage means you’ll have more money in your pocket to finance home improvements, landscape the garden or you could treat yourself to whatever it is you want. So, if you want to keep your monthly repayments at a lower level for the first few initial years of your mortgage, a mortgage with a discount rate could be right for you..

There are different discount rate terms to suit your circumstances and once you reach the end of the period you would revert to paying the standard variable rate, that is of course unless you shop around for another discounted mortgage as it is possible to move onto another discounted mortgage once your initial discounted period has ended, but before you do so always check that there are no redemption penalties, charges incurred for changing mortgages.
You may find that you are locked into a discount rate mortgage until the discount period is finished. If you do not remortgage after the initial discount period has ended you will automatically revert back to the standard variable rate.

Full range of UK Mortgages:

Typical, variable APR is 10.9%. Rates range from 7.7% to 18.3%
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP MORTGAGE OR DEBT REPAYMENTS SECURED ON IT
THINK CAREFULLY BEFORE SECURING ANY OTHER DEBT ON YOUR HOME. NON PAYMENT OF ANY LOAN CAN AFFECT YOUR CREDIT RATING

Every effort has been made to ensure that the facts here are correct. No liability is accepted for any errors contained herein or for any loss resulting from actions taken.