Your Circumstances
Discounted Mortgage
This type of mortgage will be a guaranteed reduction from the lenders variable base rate for a fixed term ego a 2% discount for 2 years.
The actual period of the discount will vary from scheme to scheme and can be from a few months to a discount for the life of the mortgage. Discounts will give lower payable rates than the lenders base rate and therefore lower payments when interests rates fall.
Of course, if interest rates rise then payments will increase although they will still be lower than the ordinary rate.
Generally speaking discounts give no protection against rising rates although sometimes lenders can combine a discounted mortgage with a capped level above which your payments cannot rise.
Its your choice
“We do not usually charge a fee for mortgage advice. However you do have the option to pay a fee of eg: 1.5% of the loan value and then you would receive any commission payable by the lender."
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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