Discounted

Interest rates on this type of account are usually set at a margin below the lenders standard variable rate for a set period of time.

This means your monthly payments may go up and down regularly.

These mortgages are popular when interest rates are dropping as people are able to take advantage of reducing rates and lower mortgage payments.

If interest rates go up your payments will go up. As these mortgages tend to be linked to the lender's standard variable rate, if the Bank of England decide to reduce interest rates there is no guarantee the lender will pass any or all of this reduction on to you.

Charges are likely to apply if you want to repay all or part of your mortgage balance during the discounted period, although some lenders are happy for you to make limited lump sum reductions or even transfer the mortgage to a new property if you want to move house.

Calculate your monthly repayments.

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Mortgage Types

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

Sherwood Financial Solutions Limited t/a equate. Registered office address The Turbine, Coach Close, Worksop, Nottinghamshire, S81 8AP.
Registered in England. No: 05038055
Tel: 0800 0380098 • info@equatemortgages.co.uk
equate is a trading style of Sherwood Financial Solutions Ltd, an Appointed Representative of H L Partnership Ltd. which is authorised and regulated by the Financial Services Authority. H L Partnership Ltd. is entered on the FSA register (http://www.fsa.gov.uk) under reference 303397.
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