10:09 24 August 2013
A lot of people are looking for ways to save on their mortgage. For this reason, many may have been considering discount mortgage. This simply means getting interest rate that is lower than the provider’s variable rate. However, keep in mind that the discount is not permanent. After certain number of years, the interest rate will revert back to the lender’s standard variable rate.
When considering discount mortgage, the first thing that you would like to know is how long the discount will last. Obviously, you would want to get the discount for as long as possible. Typically, this lasts between 1-5 years.
Next thing that you would like to know is the interest rate that you’re going to pay once the discount promo expires. Different lenders will charge different interest rate. A slight difference can actually mean saving money for you.
Take the time when shopping and comparing discount mortgage. Ask for quotes from as many lenders as possible to ensure that you’re getting the best deals. Compare not just the interest rate but also the fees as well.
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