Discount mortgages
mortgageA mortgage with a healthy discount Discount rate mortgages
A discount mortgage offers a specified percentage discount off the standard variable rate for an initial period of the mortgage.
Once that period is over, the interest rate generally reverts to the standard variable rate.
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More about Discounted Mortgages
A discount mortgage allows a customer to pay a discounted rate on their mortgage for an agreed period of time. This means that with a Cheshire Building Society discount mortgage you will pay a lower rate of interest than the Cheshire's Standard Variable Rate for a specified duration of time. This could free up money to pay for things like home improvements during the initial years of your new mortgage. A Cheshire discount mortgage would then revert to the Cheshire's Standard Variable Rate after the agreed discounted years have expired.
The discount available will usually be linked to the Standard Variable Rate on offer, so if the Standard Variable rate drops, then the mortgage discount would drop as well. Conversely, if the Standard Variable Rate were to increase, then the mortgage rate on the discount mortgage would increase as well.
Is a Discount Mortgage right for me?
Discount Mortgages can be a good option for first time buyers or those looking to modify their home as the nature of the discount can free up additional funds for spending elsewhere for the duration of the discounted period.
For those who would want a guaranteed mortgage payment over a set period, discount mortgages may not represent the right choice. This is because the mortgage payments will fluctuate in conjunction with interest rates. If you would prefer a set rate of interest then you may wish to consider a fixed rate mortgage from the Cheshire.
Other mortgage options
Don't forget that the Cheshire offers a range of mortgages to suit the various needs of our members. Potential mortgages that we could offer as an alternative to discounted mortgages are:
- Fixed rate mortgages
- Tracker mortgages
- Buy to Let mortgages
- Remortgages
- Self Certification mortgages
Having trouble getting a Discount Mortgage?
Perhaps you're having difficulty finding a discounted mortgage or want some extra advice and guidance. If so then why not contact Cheshire Mortgage Brokers (link opens in new window) who can compare the market to find the best discount mortgage for your needs. Cheshire Mortgage Brokers use expert mortgage advisors who can guide you through the process of applying for a discounted mortgage. For more information:
- Visit the Cheshire Mortgage Brokers website (link opens in new window).
- Call Cheshire Mortgage Brokers directly on 0800 030 4167.
Some extra help
- Understand which mortgage will suit your lifestyle using our perfect mortgage guide
- Or use our Mortgage finder for the right product.
- The Cheshire’s Estate Agency can help you with selling or buying in or around Cheshire.
- Considering a home move? Check out our low cost conveyancing service.
- Moving house? Here's a few other things you might want to consider...
Your home may be repossessed if you do not keep up repayments on your mortgage.
