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Discount period

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.

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Stepped discount mortgage

Stepped 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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