With a Discounted Mortgage the interest is set below the LIBOR or Standard Variable Rates for a specified period of time. This means that payments can rise or fall in-line with changes in the Bank of England’s base rate. Once the discounted period is over; interest typically reverts to SVR or LIBOR rates, sometimes with early repayment charges attached.
Your property may be repossessed if you do not keep up repayments on your mortgage.
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