Common use of Interest rate for the loan Clause in Contracts

Interest rate for the loan. For a fixed rate term, this is the interest rate calculated for the calculation period as shown in the mortgage. For a variable rate term, the mortgage shows what kind of variable rate term you have, and the interest rate for the loan is the variable interest rate for that type of mortgage product described in part 3.

Interest rate for the loan. For a fixed rate term, this is the interest rate calculated for the calculation period half- yearly, not in advance as shown in the mortgagecommitment. For a variable rate term, the mortgage commitment shows what kind of variable rate term you have, and the interest rate for the loan is the variable interest rate for that type of mortgage product described in part 35.