While this mortgage is a variable rate -fluctuating
according to the lender's SVR - you benefit from a discount for a set
period, usually a few years.
Pros:
Makes the first few years of mortgage repayments
easier - useful if you need cash initially to cover other costs, or
if you anticipate a higher income by the end of the set period
Cons:
Will usually incur penalties if you change mortgage
during or after the discounted period
If interest rates rise, your repayments will follow
suit
