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Discount Mortgage Rate

Mortgages

Use our Free Mortgage Calculator and Researching tools to find the best mortgages or let us advise and recommend the best mortgages for you. We have Hundred's of existing long term satisfies customers.

We recommend you use these as a guide only as we feel that mortgages should be advised by someone Independent and Impartial.

The best mortgage deals below are updated daily so contain the most up to date information available.

We advise and recommend on a comprehensive range of mortgages from across the market.


Discount mortgage rate

Discounted mortgage rates are as they sound. The lender offers a discount on their standard variable rate, normally for a set amount of time, for the first two, three or five years. In recently years, discount mortgage rates have been less popular with low interest rates and increased availability of tracker rate mortgages and fixed rates.

A discounted mortgage rate should not to be recommended if you are on a tight budget and/or you need to have the peace of mind that your mortgage costs are not going to increase unexpectedly.

A discount mortgage rate could be cheaper than the more popular fixed rate mortgages if rates do not increase over the period but the longer the initial period, the more risk.

Fees

Mortgage fees have been increasing over more and more in recent times as lenders try to claw back some of the savings homeowners can get by switching mortgage. Generally speaking the smaller the mortgage, the lower the fees should be. There would be little point in switching or remortgaging to a 2-year fixed rate, saving £25 per month (£600 over 2 years) if the set up fees were £1000 other than concern over future interest rates.

Redemption penalties

Most new mortgages come with an associated redemption penalty/tie-in. Lenders will only offer a lower initial discount mortgage rate if you agree to their redemption terms. Should you leave, or pay off the mortgage you would need to pay a redemption penalty. This is usually a percentage of the outstanding mortgage and will be included in your total redemption balance.

Some lenders can also include an extended tie-in. In this case the redemption penalty is payable even after the discount mortgage rate has ended. Your initial rate could finish but you may not be penalty free for a further year or two years for example. It is rare that these rates would be recommended under any circumstances

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

Some of the products and services shown are not or may not be regulated by the Financial Conduct Authority.

*We do not normally charge a fee for mortgage advice, however this will be dependent on your circumstances. If a fee is charged our typical fee is £200.

Impartial Mortgage & Protection Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority.

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