A discount offered by mortgage lenders to new borrowers, reducing monthly mortgage costs often for the first two or three years of the loan period. Once the specified period ends the discounted rate usually reverts to the prevailing variable interest rate.
One type of initial special offer, where payments are variable, but they are set at less than that lender's usual rate for a specified period of time. Once the special offer period finishes you would normally be moved to the Lenders SVR (standard varible rate).
a north Carolina mortgage broker specializing in deep discounted mortgage rates for those with excellent credit
A discount offered by mortgage lenders to borrowers, reducing monthly mortgage repayments often for the first two or three years of the loan period. Early Repayment Charge A charge payable on some mortgages if they are repaid early (during an Early Repayment Charge period). The amount depends on the mortgage outstanding and the terms of the mortgage.
This type of mortgage will set their borrowing rate that is lower than the standard variable rate. The rate is lower only for a certain period of time.
A mortgage that offers a short-term discount on its standard variable rate. These types of mortgages typically carry a penalty for early repayment.