Discounted Rate Mortgages

When you choose a Discounted Rate Mortgage you pay at a set amount below the standard variable rate and the discounted rate is usually available for a set period of time, which can be anything from six months months to five years. The standard rate rises and falls while the agreed discount itself does not change. Normally the shorter the period of discount on offer, the higher the discount rate will be.

Over this set period of time discounted mortgages can mean you have some spare cash which you can be used as you wish. Once your initial discounted period has finished you may be able to move to another discounted mortgage although there may be costs involved in doing this. You mortgage will automatically return to the standard rate if you do not choose to remortgage after the discount period has come to an end.

You should

• always be aware of the term you willl be locked into a Discounted Mortgage
• find out what the redemption penalty would be if you did want to move your Mortgage.

At PeopleFinance.co.uk we can help you find a Discounted Rate Mortgage because an independent financial processor will aim to get you the best deal to match your personal credit circumstances.

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Related glossary terms to Adverse Credit Mortgages:
Adverse Credit | Fixed Rate | Flexible Mortgage | Variable Rate | Interest Only Mortgages

Related Adverse Credit Mortgage Products:
Discount Remortgage | Discounted Remortgage | Discount Rate Mortgage | Discounted Rate Mortgage