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Discounted Mortgages - Compare Introductory Discount Mortgage Offers
With so many different types of mortgages available in the UK it can be difficult for homeowners or property purchasers to determine which is the best one for them.

Those looking to remortgage or those taking out a first mortgage can usually select from a range of special deals on mortgages from lenders that want to entice customers. Once of these is the discounted rate mortgage, which enables the borrower to enjoy lower monthly repayments compared to those on the lender's standard variable interest rate.

With discounted mortgages borrowers are offered a reduced interest rate for a fixed period of time, such as three, four, or five years. The interest rate remains variable, and therefore will fluctuate in line with the Bank of England base interest rate.

However, it will be at a discounted rate compared to the standard variable rate offered by the lender. You can select from a range of discounted rate periods, and the shorter the discounted period the higher the discount is likely to be.

Once the discounted period on these discounted mortgages comes to an end the interest rate will revert to the standard variable rate applied by the lender. You should bear in mind that if you want to leave your discounted mortgage early you may have to pay quite hefty penalties, so make sure that you read the small print before you make any commitment.

These discounted mortgages provide an effective way for homeowners to keep their mortgage repayments down for the first few years of their mortgage term. Once your discounted period has ended you may be able to find another good deal on a discounted mortgage with another lender.

The discount offered on discounted rate mortgages can vary from one lender to another, and also based on how long you have the discount over. In order to find a competitive discounted rate it is important to compare a number of discounted mortgages from a range of lenders, as you can then compare the standard variable rate charged by the lender as well as how big a discount is offered and for how long.

The Internet is the easiest way to compare a wide range of discounted mortgages, and will enable you to quickly determine which discounted mortgages offer the best rates and biggest discounts. You can then make your application with ease and convenience online once you have decided which discounted mortgage you wish to apply for.

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Posted on: [ July 01, 2018 ]       Add to   Digg it   Add to Blinklist   Add to FUrl   StumbleUpon