Have we got a summer special for your clients! Our 3-year variable discount at 75% LTV is being reduced to 4.64% from 5 September 2024.
Is it a good time to consider a discounted variable mortgage for your clients?
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A variable discount mortgage is where you get a discount on the lender's Standard Variable Rate (SVR), which is set in response to the Bank of England's Base Rate.
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This means the mortgage rate can increase or decrease if we change our SVR during the mortgage term, however, those on a discounted variable mortgage will always still have the reward of the discount from our SVR. If our SVR decreases during the mortgage term, so will their payments.
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Following the recent Bank of England base rate decrease of 0.25%, we will be decreasing our Standard Variable Rate to 6.75% effective from 5 September 2024.
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Also, during the ERC period overpayments are permitted on discounted products of up to 20% of the original loan amount per year (vs 10% on fixed products.)
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Our SVR is one of the lowest in the mortgage industry at the time of writing.
Don't forget!
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Our convenient instant chat is available Monday-Friday, 9.00am to 5.00pm. (from 9.30am on a Wednesday)
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We don't credit score - each and every case is assessed on individual merit and circumstances.
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Our underwriting process is tailored - no one size fits all.
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We consider all types of income and a range of currencies.