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Compare Discounted Mortgages

Last Updated 8 Aug 2008
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Compare the best discount mortgages available and find the cheapest discount mortgage rates for your home or business in minutes. We list discounted mortgage deals from leading UK mortgage providers so you can be confident that you'll get the best rate possible.
DiscountedOffsetFixed RateRemortgageSelf CertificationBuy To Let
Woolwich - Great mortgage deals from an award-winning lender. Call 0845 070 0894.
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Nationwide - Straight forward, great rate mortgages with flexible features as standard.
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Abbey - Whatever your situation Abbey have a team of advisers waiting to help. Fee free & fixed mortgages. Call 0800 368 0052.
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Simply Business Mortgages - Specialise in providing financial solutions and mortgages for your business.
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Discounted Mortgage Guide

By Mark Dennis
Published on 21 Oct 2007
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How you can get a better deal with a discounted mortgage deal.

A discount mortgage has an interest rate where a discount is applied to the lender's standard variable rate for a set period, usually from six months to several years. As the lender's standard variable rate moves up and down, so the discounted rate moves up and down by the same amount, with the differential between the two remaining the same.

Advantages

  • You can benefit from a lower interest rate in the first few years, freeing up money for furnishings, carpets or whatever else you want.
  • You can benefit from a fall in the Bank of England's base rate when it results in a subsequent fall in the lender's standard variable rate.

Disadvantages

  • Early redemption penalties will almost certainly apply, which may also extend beyond the end of the discounted period. This means you will be unable to change your mortgage during the 'early redemption penalty period' without paying a fee, which may be up to the value of six months mortgage repayments. So, you may be trapped in an uncompetitive rate once the interest rate reverts to the lender's standard variable rate.
  • You will normally have to pay an application fee when arranging your discount mortgage.
  • At the end of the discounted period your mortgage payments will suddenly increase as the mortgage reverts to the lender's standard variable rate.
  • NB This information is provided to give you an overview of the different types of mortgages available. It is not comprehensive and you should not base your mortgage decision on the information found here. We recommend you seek professional advice in order to determine the most suitable mortgage for you.

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    Friday, 8th August 2008
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