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Discount Rate Mortgage with ERC
A Tracker/ Discount Rate with an 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 with ERC
- 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
- Lower interest rate than the comparative discounted/track rate with no erc
- You may have to pay an application fee when arranging your discounted / tracer rate mortgage.
- No stability when compared to a Fixed rate mortgage
Fixed rate mortgages for further information
Think carefully before securing other debts against your home, your home may be repossessed if you do not keep up repayments on your mortgage.
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We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £500