Discounted variable rate mortgages are based on the mortgage lender’s Standard Variable Rate (SVR) and offer a discount of a certain percentage below the SVR for an initial period.

After this period interest on the mortgage is charged at the lender’s Standard Variable Rate.

Discounted variable rate mortgages can offer good deals for those initial periods, with many mortgage providers offering large percentage discounts over their standard rates. However, after this period they can be more expensive than a number of other mortgage options. For this reason, mortgage holders may wish to ensure there is the option to move their mortgage to other product or provider after this initial period is over. This can provide savings in terms of interest rates, but borrowers should also ensure the costs of revaluation and other fees do not outweigh those savings.

Speak to an Adviser today and save money about our range of discounted variable rate mortgages

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