What are discounted variable rate mortgages?

Our discount standard variable mortgages have an interest rate that is set at a certain level below our Standard Variable Rate (SVR) and this discount rate is set for a specified period of time. This means that you will pay less interest for this agreed period. After this initial period, you will go onto the SVR, or you can talk to us about another mortgage deal.

Applicants must be aged 18 or over. All loans are subject to status. Security will be required.

How will Standard Variable Rate changes affect my repayments?

Our Standard Variable Rate is set internally by us, and although it isn't tied to the Bank of England base rate, our rate may go up or down as this changes. With a discount SVR mortgage, your monthly repayments will go up and down as our SVR changes, however the agreed discount will apply throughout the discounted period. An early repayment charge applies during this discount period.

Is a discounted rate mortgage right for me?

With a discounted SVR mortgage, you can enjoy initial lower monthly repayments, compared to SVR. If you like the security of knowing exactly what your monthly repayments will be, then you may be more suited to one of our fixed rate mortgages. If you'd like more information on our discount SVR mortgages or would like to talk to an advisor to find out what type of mortgage is most suited to your needs, then please get in touch.