A comprehensive list of the new UK tax allowances and thresholds for 2020 / 2021
Speak to a professional mortgage broker and find those lenders most likely to accept your application. Note: you may not be recommended the mortgage selected. Lines open Mon - Fri 8am to 8pm.
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Currently its not possible to move home but you can still organise a mortgage offer. Speak to a broker to discover the best rates. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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Credit will be secured by a mortgage on your property. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Written quotations are available from individual lenders. Loans are subject to status and valuation and are not available to persons under the age of 18. All rates are subject to change without notice. Please check all rates and terms with your lender or financial adviser before undertaking any borrowing
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A discounted rate mortgage uses a variable interest rate – so your payments can go up and down. They work by offering a set discount on a lender's Standard Variable Rate (SVR). So, if the lender's SVR is currently 4.00% and the discounted rate offers a 1.00% discount, you'll initially pay 3.00% for an agreed introductory period.
Then, if the SVR goes up to 5.00% later, your discounted rate would go up to 4.00%. If the SVR goes down by 1.00%, your discounted rate would also go down by 1.00%. To find out when a lender may increase or decrease their SVR (and therefore any discounted rates linked to it), see our SVR guide.
When your introductory period comes to an end, you will most likely move onto your lender's full SVR. Discounted rates tend to come with an early repayment charge, if you pay off the mortgage early or remortgage to another lender during the introductory period. However, most will let you make overpayments – normally up to 10% of the outstanding balance per year.
If you have a lifetime discounted mortgage, the early repayment charge will probably not apply for the full term of the mortgage, but only for an initial two to five-year period (depending on your lender).
Although discounted mortgages may sound like a good deal, they're not necessarily the cheapest mortgage rates available. For example, you may be able to find a cheaper tracker mortgage. Remember: discounted mortgages have variable rates, which means you won't get the same payment security as you do with a fixed rate.
Collar rates are becoming more common since interest rates hit all-time lows. These basically mean that the mortgage rate, and therefore your mortgage payments, can only go so low. This lower limit is called the collar.
So, if a lender’s SVR was reduced to a level that sent the discounted mortgage below the collar, your payments would not go any lower than the collar rate.
Our mortgage calculator helps you to see how much your mortgage might cost you each month.
Our how much can I borrow calculator gives you a range of how much a lender might consider lending you under a mortgage. This calculation is only an indication only.
Read our How much can I borrow for a mortgage guide to find out more about what can impact your potential sum of borrowing.
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