If you’re looking for a mortgage where your payments go down when interest rates go down (though bear in mind that they can go up too), then a discount tracker mortgage could be the best option.
Direct Line’s online only discount tracker mortgage runs for two years, during which time you pay 0.11% less than the Bank of England base rate. After that you pay 1.5% above the base rate and when the Bank of England base rate changes, your rates change by the same amount within five days. We’ll work out the interest for you every day.
You can make overpayments of up to 10% of your initial borrowing each year during the discounted period without incurring a charge, subject to a minimum payment of £200. Once your discounted period is over, there is no upper limit on overpayments.
You can decide whether to choose a repayment mortgage, an interest-only mortgage or a mixture of the two, and all fees except legal and valuation fees can be added to your mortgage balance.
With Direct Line’s new mortgage offer, you can benefit from our great mortgage rates and if you’re already a Direct Line Home Insurance customer, or if you choose to switch to us in the next 12 months, you’ll get 20% off our best home insurance price for two years (discount off base premium rate).
You can check what it will cost or apply online and take advantage of our lowest mortgage deals right now.
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