Initial Rate Period
Initial Rate Period
The number of months for which the initial interest rate holds on an ARM.
See Adjustable Rate Mortgage (ARM)/How the Interest Rate on an ARM Is Determined.
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Highlights of the Bank's mortgage products include one clubcard point for every GBP4 spent on monthly repayments, the chance to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period without an Early Repayment Charge and free standard legal fees and the first standard valuation.
All the mortgages would allow customers to make regular or lump-sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without incurring an early repayment charge.
In the case of ARMs with a very low initial rate, the interest-only period is always longer than the initial rate period, loan, example, ml ARM with an interest-only option for 10 years may have an initial rate period of six months.
The bonds will be issued as long-term adjustable rate revenue bonds with a mandatory put feature at the end of the initial rate period set no earlier than Nov.
69% for the two year fixed LTV product; flexibility to make regular or lump sum over-payments of up to 20% of the outstanding balance during the initial rate period without having to pay an Early Repayment Charge; and one Clubcard point for every GBP4 spent on monthly repayments.
Typically, the highest rates either have an introductory bonus or a guaranteed minimum rate, so it makes sense to use them and switch to another such account when the bonus or initial rate period ends.
IF you have signed up to a bargain credit card with a 0 per cent introductory rate to cover the cost of Christmas, make a note in your diary of the date that the initial rate period expires, and aim to clear the debt by then.
Interest has been capitalized through the initial rate period.
Tesco Bank added that its mortgage products provide a flexibility that allows customers to make regular or lump sum overpayments of up to 20% of the outstanding balance each year during the initial rate period, without having to pay an Early Repayment Charge.
At the end of the initial rate period, the bonds will automatically convert to a weekly rate mode but may be converted to a term or fixed rate interest mode thereafter.
The initial rate period will extend from the closing date to and including May 31, 2009.
During the initial rate period the SBPA will be sized to cover any mandatory tender event and will provide for the payment of both principal and an interest component of 180 days at 3.
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