DISCOUNT RATE MORTGAGE
A discount rate mortgage offers a percentage discount from the lender's normal variable rate for a set period of time.
When the standard variable rate fluctuates, the discount will remain fixed, and the rate you pay will fluctuate.
Example:
I
if variable rate is 6% and discount is 1%, then the pay rate will be 5%. The 1% discount will be fixed for the agreed period.
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