Discounted Rate Mortgages
This is very similar to a variable rate mortgage in that the monthly payments will go up and down when the interest rates rise and fall. The major difference is that rather than being on the mortgage lenders standard variable rate, you will get a percentage discount below this.
Again it is hard to predict the interest rates and so budgeting is difficult throughout the term.
Generally this type of mortgage will have a tie in period, where any early repayment will result in an early repayment fee having to be made to the lender. This mortgage can be useful to many people in all kinds of different circumstances. This type of mortgage is excellent for clients when the interest rates fall as the rate you currently pay may drop although this is up to the discretion of the lender.
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