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Discount Rate Mortgages - Best4U Kettering Northamptonshire
For a fixed term, Discount Rate Mortgages offer a set discount (expressed as a percentage) off the lenderâ€™s standard variable rate.
As with fixed rate mortgages, discount mortgage terms typically last between 6 months and five years. The level of discount will vary too, usually according to the length of term.
This type of mortgage, especially the shorter term products, are popular with those who move house and want to spend money in the first few months on home improvements. They are also popular with those who want a few months to recover from the expenses incurred when purchasing a new home.
After the discount term has ended you will automatically revert to the lender’s standard variable rate. This could come as a shock, especially if you have been enjoying a significant discount. To get round this, you may choose to re-mortgage at the end of the term, perhaps selecting yet another discounted product.
Watch out for any penalties attached to a discounted product. Lenders may charge you if you decide to switch mortgages before the discount term has ended.