Discounted Rate Mortgage

Discounted Variable Rate
Lenders tend to offer this type of rate to new customers. They offer a discount from the standard variable rate for a period of time ranging from 6 months to 24 months depending on the lender.

Advantages
Cheaper initial repayments on loan, usually for 6-24 months
No penalty for early redemption of mortgage
Will benefit from interest rate decrease

Disadvantages
X Repayments will increase if rates increase
X Repayments will increase after discount period

DISCOUNTED VARIABLE RATE - ONLINE APPLICATION

Warning: The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home

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