The mortgage definition for Discount period:
The time at the beginning of a mortgage life span when you are offered reduced repayments. Can be useful to help you overcome the often significant outlay involved with buying a property.
Stepped discount mortgageStepped discount mortgage
Where the discount is, for example, fixed at one level for one year and then a slightly lesser level for two further years. Remember it is the percentage discount that is stepped and not the monetary amount, so your repayment can still vary.
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