Finding the right mortgage can be a lengthy and stressful process if you’re doing all the leg work yourself. Use Money Expert’s free comparison tool to browse the best discounted mortgages with ease, from the comfort of your own home.
Discounted Mortgages Explained
With a discounted mortgage, you’ll pay interest a set percentage below a certain established rate - typically the lender’s Standard Variable Rate (SVR).
For example, if the lender’s SVR is 4.5%, and you’re offered a discount of 1.5%, your interest rate will be 3%. The interest you pay will track changes in the lenders’ SVR, while remaining that set percentage below it.
You’ll either have the discount for a set term or, in some cases, for the entire length of the mortgage (known as a lifetime discount).
If you do get a discounted mortgage, it’s worth watching out for ‘collar rates’. These basically act as a lower limit - a minimum amount of interest that you’ll pay, regardless of how low the SVR goes.
Mortgage Comparison Process
Comparing discounted mortgages with Money Expert is a pretty straightforward process. The table above will show you all of the deals on offer, but to get a better idea of those available to you specifically, fill in the short form at the top of the page. This will filter the results on table according to your requirements.
Once you’ve done that, just click on the deal you think suits you best. Fill in the form on the following page, letting us know a bit more about the kind of mortgage you want, and about your financial situation. Once you’ve sent that off, an adviser will be in touch who will guide you through the rest of the process and help to make that you find the perfect discounted mortgage, fit for your needs.