Skip to main content

Discounted variable rate

This discounted rate mortgage gives you a set discount off our Standard Variable Rate (SVR) for an agreed period, giving you lower initial monthly payments.

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.


Product Criteria

  • Free valuation
  • Minimum age 21
  • Interest only or repayment
  • Interest only to 70% max LTV and subject to an acceptable repayment strategy
  • Minimum term: five years
  • Maximum Term 40 Years
  • Minimum loan size: £30,000.
  • Maximum loan size: £1,000,000 up to 80% LTV or £500,000 above 80% LTV. Loans over this are priced on a bespoke basis and have restricted LTV’s
  • The interest rate charged will not fall below 1.74% (the minimum interest rate) at any point during the mortgage.
  • * Overpayments of up to 10% per annum are allowed without penalty

Discounted variable rate

Two Year Discount Mortgage

Initial rate

2.39% (variable)

Product period

Two years

Then reverting to our SVR minus 1.00%


Deposit required


The overall cost for comparison is

3.70% APRC

Arrangement fee


Your home may be repossessed if you do not keep up payments on your mortgage

Full mortgage range for existing customers

When you take out a mortgage with us, as well as becoming a customer you also become a member. As a Saffron Building Society member you are very important to us and we can offer you much more than just mortgages.

Find out more