A discount rate mortgage is simply a percentage discount off the lender's standard variable rate (SVR). Therefore your monthly payments will rise and fall in line with the lender's normal rate but you'll be paying at a reduced rate over the discounted period. 

Discounted mortgages can be attractive to first time buyers as they give you a couple of years of breathing space. A one or two per cent discount is especially good if there's no lock-in period afterwards because you can simply remortgage with another lender when the discount period comes to an end.

Professional, unbiased advice

Finding the best mortgage to suit your personal circumstances can be time consuming and confusing, so it's make sense to get a broker to do the hard work for you. 

You can get a  free no obligation quote from an independent and impartial broker who will compare mortgage products from the whole UK market and will not be tied to any mortgage provider, ensuring that you receive unbiased advice.