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Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
A Discounted Variable Rate Mortgage has an interest rate where a discount is applied to the lenders standard variable rate for a set period. As the lenders standard variable rate moves up or down the discounted rate moves up or down by the same amount.
Discounted rate mortgages are often offered for a set period of time usually two years, though some mortgage lenders now offer discounted rates up to 3 and 5 years.
