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A Discount Mortgage is a loan with a variable rate with a specified percentage reduction below the lender’s standard variable rate. The ‘Discount’ will typically apply for the first few months or years of the loan. During this period the rate can fluctuate, but the amount of discount from the lender’s standard variable rate will remain constant.
After the discount rate period most mortgages products return to the lender’s standard variable rate. Some lenders will charge an arrangement fee for the discount rate and may also make an ‘early repayment charge’ (see glossary) should you choose to pay off the loan before the end of the discounted period.
To find out more about this type of mortgage call us on 0845 071 4414