Our discount mortgage does precisely what its name says it will do: it gives you the benefit of a reduced interest rate during the first few years of your mortgage, with the amount of discount depending on the size of your deposit.
If you are not an existing mortgage customer, our products are available through a broker only.
Two Year Discount Mortgage
- Initial rate1.74% Variable
- then changing to our SVR minus 1.00%4.39%
- The overall cost for comparison is3.5% APRC
- Product periodtwo years
- Deposit required20%
- Arrangement feeNone
A mortgage of £351,384 payable over 10 years, initially on a Discounted rate for 2 years at 1.74% and then a 1.00% discount off our current Standard Variable Rate Mortgage of 5.39% to give a current rate payable of 4.39% (variable) for the remaining 8 years, would require 24 monthly payments of £3,192.45 and 96 monthly payments of £3,537.11.
The total amount payable would be £416,441.36 made up of the loan amount plus interest (£65,092.84), an application fee of £180 and a redemption fee of £80.
The overall cost for comparison is 3.5% APRC representative.
Your home may be repossessed if you do not keep up repayments on your mortgage