Compare discount mortgages

This comparison includes all mortgages that give you a discount on the lender’s standard variable rate for a fixed period. The lender can adjust its rates at any time, meaning your monthly repayments could rise or fall.

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359 results found, sorted by affiliated products by lowest initial rate. How we order our comparisons. Commission earned affects the table's sort order.
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Progressive Building Society 2 year discount for properties in Northern Ireland
Maximum LTV
60%
Initial rate
0.51% for 2 years (3.84% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.17% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year discount remortgage for properties in Northern Ireland
Maximum LTV
75%
Initial rate
0.51% for 2 years (3.84% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.69% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Acceptedfalse
Progressive Building Society 2 year discount for properties in Northern Ireland
Maximum LTV
75%
Initial rate
0.79% for 2 years (3.56% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.26% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year discount remortgage for properties in Northern Ireland
Maximum LTV
75%
Initial rate
0.79% for 2 years (3.56% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.74% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Acceptedfalse
Stafford Railway 2 year discount
Maximum LTV
75%
Initial rate
0.85% for 2 years (2.1% discount on SVR)
Subsequent rate (SVR)
2.95% variable
Overall cost for comparison
2.6% APRC
More information
Application feeNo fee
Arrangement fee£1,000 with an option to add to the loan
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
First Time Buyers
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Acceptedfalse
Leek United 2 year discount for existing borrowers
Maximum LTV
75%
Initial rate
0.99% for 2 years (4.2% discount on SVR)
Subsequent rate (SVR)
5.19% variable
Overall cost for comparison
4.5% APRC
Available to existing borrowers not moving only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of the outstanding balance, in the first year

- 0.50% of the outstanding balance, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
Existing Borrowers Only
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year discount for properties in Northern Ireland
Maximum LTV
80%
Initial rate
1.09% for 2 years (3.26% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.36% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year discount for properties in Northern Ireland
Maximum LTV
90%
Initial rate
1.09% for 2 years (3.26% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.36% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Progressive Building Society 2 year discount remortgage for properties in Northern Ireland
Maximum LTV
80%
Initial rate
1.09% for 2 years (3.26% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.8% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Acceptedfalse
Furness Building Society 2 year discount
Maximum LTV
60%
Initial rate
1.14% for 2 years (4.15% discount on SVR)
Subsequent rate (SVR)
5.29% variable
Overall cost for comparison
4.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all of your mortgage early you will be charged:

- 3.00% of amount paid, in the first year

- 2.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Accord Mortgages 2 year discount for existing borrowers
Maximum LTV
65%
Initial rate
1.18% for 2 years (3.31% discount on SVR)
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.8% APRC
Available via brokers only. Available to existing borrowers not moving only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of amount paid, before 30 Apr 2024

Other fees may apply.

Eligibility
Available in England
Available in Scotland
Available in Wales
Broker Only
Existing Borrowers Only
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Stafford Railway 3 year discount
Maximum LTV
75%
Initial rate
1.19% for 3 years (1.76% discount on SVR)
Subsequent rate (SVR)
2.95% variable
Overall cost for comparison
2.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, in the first three years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
First Time Buyers
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Acceptedfalse
Furness Building Society 2 year discount
Maximum LTV
60%
Initial rate
1.24% for 2 years (4.05% discount on SVR)
Subsequent rate (SVR)
5.29% variable
Overall cost for comparison
4.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all of your mortgage early you will be charged:

- 3.00% of amount paid, in the first year

- 2.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Furness Building Society 2 year discount
Maximum LTV
80%
Initial rate
1.24% for 2 years (4.05% discount on SVR)
Subsequent rate (SVR)
5.29% variable
Overall cost for comparison
4.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£1,499 with an option to add to the loan
Additional information

Early repayment charge

If you pay all of your mortgage early you will be charged:

- 3.00% of amount paid, in the first year

- 2.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Stafford Railway 2 year discount
Maximum LTV
75%
Initial rate
1.24% for 2 years (1.71% discount on SVR)
Subsequent rate (SVR)
2.95% variable
Overall cost for comparison
2.7% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
First Time Buyers
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Acceptedfalse
Accord Mortgages 2 year discount for existing borrowers
Maximum LTV
75%
Initial rate
1.27% for 2 years (3.22% discount on SVR)
Subsequent rate (SVR)
4.49% variable
Overall cost for comparison
3.8% APRC
Available via brokers only. Available to existing borrowers not moving only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of amount paid, before 30 Apr 2024

Other fees may apply.

Eligibility
Available in England
Available in Scotland
Available in Wales
Broker Only
Existing Borrowers Only
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Chorley Building Society 2 year discount
Maximum LTV
60%
Initial rate
1.29% for 2 years (3.95% discount on SVR)
Subsequent rate (SVR)
5.24% variable
Overall cost for comparison
4.8% APRC
Available via brokers only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Scheme fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.95% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available in England
Available in Wales
Broker Only
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Chorley Building Society 2 year discount remortgage
Maximum LTV
60%
Initial rate
1.29% for 2 years (3.95% discount on SVR)
Subsequent rate (SVR)
5.24% variable
Overall cost for comparison
4.8% APRC
Available via brokers only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Scheme fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 3.95% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available in England
Available in Wales
Broker Only
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Furness Building Society 2 year discount
Maximum LTV
80%
Initial rate
1.34% for 2 years (3.95% discount on SVR)
Subsequent rate (SVR)
5.29% variable
Overall cost for comparison
4.6% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all of your mortgage early you will be charged:

- 3.00% of amount paid, in the first year

- 2.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Scotland
Available in Wales
First Time Buyers
Max age at term end80 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Monmouthshire Building Society 2 year discount
Maximum LTV
80%
Initial rate
1.39% for 2 years (3.35% discount on SVR)
Subsequent rate (SVR)
4.74% variable
Overall cost for comparison
4.2% APRC
More information
Application fee£150 paid upfront (non-refundable)
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
First Time Buyers
Max age at application80 years
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Monmouthshire Building Society 2 year discount for existing borrowers
Maximum LTV
75%
Initial rate
1.39% for 2 years (3.35% discount on SVR)
Subsequent rate (SVR)
4.74% variable
Overall cost for comparison
4.1% APRC
Available to existing borrowers not moving only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
Existing Borrowers Only
Max age at application80 years
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Monmouthshire Building Society 2 year discount remortgage
Maximum LTV
80%
Initial rate
1.39% for 2 years (3.35% discount on SVR)
Subsequent rate (SVR)
4.74% variable
Overall cost for comparison
4.2% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product fee£999 with an option to add to the loan
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of amount paid, in the first two years

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
Max age at application80 years
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Remortgage Only
Self Employed Accepted
Progressive Building Society 2 year discount for properties in Northern Ireland
Maximum LTV
85%
Initial rate
1.39% for 2 years (2.96% discount on SVR)
Subsequent rate (SVR)
4.35% variable
Overall cost for comparison
3.46% APRC
Available in branch only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 2.00% of amount paid, in the first year

- 1.00% of amount paid, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in Northern Ireland
First Time Buyers
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted
Leek United 2 year discount cashback mortgage
Maximum LTV
80%
Initial rate
1.4% for 2 years (3.79% discount on SVR)
Subsequent rate (SVR)
5.19% variable
Overall cost for comparison
4.5% APRC
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of the outstanding balance, in the first year

- 0.50% of the outstanding balance, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
First Time Buyers
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Remortgage Available
Self Employed Accepted
Leek United 2 year discount for existing borrowers
Maximum LTV
80%
Initial rate
1.4% for 2 years (3.79% discount on SVR)
Subsequent rate (SVR)
5.19% variable
Overall cost for comparison
4.5% APRC
Available to existing borrowers not moving only.
More information
Application feeNo fee
Arrangement feeNo fee
Booking feeNo fee
Completion feeNo fee
Product feeNo fee
Additional information

Early repayment charge

If you pay all or part of your mortgage early you will be charged:

- 1.00% of the outstanding balance, in the first year

- 0.50% of the outstanding balance, in the second year

Other fees may apply.

Eligibility
Available Direct
Available in England
Available in Wales
Existing Borrowers Only
Max age at term end85 years
Minimum Age18 years
Permanent UK Resident
Self Employed Accepted

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Overall representative example

Based on borrowing£170,000 over 25 yearsThe overall cost of comparison3.75% APRC representative
Initial rate2.19% fixed for 2 years (24 instalments of £726.81pm)Subsequent rate (SVR)4.02% variable for the remaining 23 years (276 instalments of £888.06pm)
Lender fee£552Total amount payable£263,101.10

What is a discount mortgage?

A discount mortgage is a type of variable rate mortgage where the interest rate is a set amount below the lender’s standard variable rate (SVR). 

This means the interest rate on your mortgage will rise and fall by the same amount as the lender’s SVR.

The interest rate is usually lower than the SVR by one or two percentage points, and this amount is called the discount.

For example, if your mortgage offers a 1.5 percentage point discount and the SVR is currently 5%, your interest rate will be 3.5%.

  • If your lender’s SVR goes up to 6%, your new interest rate will be 4.5%, and your repayments will increase.

  • If your lender’s SVR goes down to 4%, your new interest rate will be 2.5%, and your repayments will reduce.

Pros and cons of discount rate mortgages

It is important to weigh up the advantages and disadvantages of a discounted rate mortgage before deciding whether it is right for you:

Pros

  • Your rate will remain below your lender’s SVR during the term of the deal

  • When rates fall, you will benefit from lower repayments

Cons

  • Your rate follows your lender’s SVR, which can change at any time and by any amount. If the SVR goes up, so will your monthly repayments

  • Some discount mortgages have an interest rate collar which means your discounted rate cannot fall below a set amount

  • If you want to get out of your deal early, you may have to pay a hefty early-repayment penalty

What is the SVR?

Each mortgage lender has a standard variable rate, which is the interest rate you will be moved on to once an introductory mortgage deal ends.

Lenders can change their SVR whenever they want, although it usually moves up or down when the Bank of England base rate changes.

How long do discounts last?

Your discounted mortgage rate only lasts for a set period, usually two, three or five years.

Some discount rates last longer, and a few lifetime discounts are guaranteed for 25 years. However, you will usually find that longer deals have smaller discounts.

If you want to switch mortgage deals before the discounted term ends, you will usually be charged an early repayment fee for doing so. Once the term ends, you are generally put on the lender’s SVR, or you can move to a new mortgage deal.

What other types of mortgage interest rates can you get?

If you are not sure whether a discount mortgage is right for you, you could also consider the following:

  • Fixed-rate mortgages offer an interest rate that will not change during the initial term, usually two, three or five years

  • Tracker-rate mortgages offer an interest rate that follows the movements of an external interest rate, usually the Bank of England base rate. When this goes up or down, so does your tracker rate 

  • Variable-rate mortgages can change over time, meaning the rate can increase or decrease depending on wider economic circumstances

  • Capped-rate mortgages can be variable, discount or tracker mortgages, and they come with a guarantee that the interest will not rise above a specific rate

Should you get a fixed, tracker or variable mortgage?

Choose the right mortgage

The comparison table shown above includes every discount rate mortgage available in the UK.

As well as finding a deal with a low initial interest rate, it’s essential to make sure you could still afford your repayments if your discount mortgage rate went up.

If you prefer the security of paying the same amount every month, consider a fixed-rate mortgage instead.

Read our guide to help you choose the best mortgage

Discount rate mortgages FAQs

About our mortgage comparison

Last updated: 22 January 2022

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