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9 Dec 2019

Mortgage Advice

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Discounted Mortgage no ERC

Discounted Rate Mortgage no ERC

A Tracker/ Discount Mortgage Rate without early repayment charges (ERC) could be right for you.

A tracker/discount mortgage has an interest rate where a discount is applied to the lenders standard variable rate or bank of England base rate for a set period.

Advantages and Disadvantages of a Discount Rate Mortgage no ERC

Advantages

  • Lower interest rate in the discounted period.
  • Your mortgage payment will reduce when there is a fall in the lenders standard variable rate or Bank of England Base rate.
  • No early redemption penalties will be charged on overpayment

 

Disadvantages

  • You may have to pay an application fee when arranging your discounted rate mortgage.
  • No stability when compared to a Fixed rate mortgage

 

Fixed rate mortgages for further information

I am remortgaging  I am moving home

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.

Go Direct.co.uk is a trading style for website purposes of Go Direct UK Ltd.

Go Financial Services is a trading style of Go Direct UK Ltd which is an appointed representative of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales Company 5703224. FCA Number 456600

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500