Discount Mortgage

• This is a variation on the Standard Variable Mortgage Rate.
• Lenders can offer a discount off the standard variable mortgage rate and apply the discount for a period of time.
• Although a discounted rate means fluctuating payments, a big advantage is that from day one the borrower knows by how much the mortgage will increase on the day the discount ends. In other words, if the discount is for example 1% off the rate, and this represents a saving of £75 a month, then when the discount ends the payments will increase by £75, irrespective of any other movements in the meantime.
• For more information on discounted rate mortgages or to apply for a discounted rate mortgage please follow the link - Discount Mortgage

A Discount Rate Mortgage is where a lender reduces the rate payable to the borrower by discounting from a base rate (usually the Bank of England Base Rate or the company's SVR) at that time. The discount can be from 2 to 5 years in duration and is applicable during the term or period the mortgage product is effective. If the length of the Discount Mortgage product is relatively short, then the discount is normally lower than one with a longer period.

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