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Discounted Rate Mortgages

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Discounted Rate Mortgages

If you opt for a discounted mortgage you will pay a set amount below the standard variable rate. You will pay this reduced amount for a specified period of time, anything from six months up to five years. The standard variable rate goes up and down, but the discount remains the same. Generally though the shorter the period of discount the higher the discounted rate will be. A period of discounted repayments leaves you some spare cash to use for things like furnishings.

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. More often you will be 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.

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