Discounted mortgage
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Discounted mortgages are essentially discounts from the banks and building societies own Standard Variable Rate (SVR).
If a mortgage is a “2 year 1.5% discount” it means the interest rate will be the mortgage lender’s SVR minus 1.5% for two years. For example, if the SVR was 5.0% then 5.0% - 1.5% = 3.5%.