The Interest Rate Differential (IRD) is the amount of money required to compensate the lender for the loss of interest income which results from a lower rate of interest on a replacing loan for the remainder of the term. The IRD is calculated by determining the difference between the rate on the mortgage and the lender’s rate for the term closest to the remaining term of the mortgage. The difference in these two rates is used to calculate the loss of interest income. Please refer to the prepayment clause in your mortgage for further detail.
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The rates above are our regular rates and are to be used for the purpose of calculating the IRD as further set out in your mortgage. References to "Regular Rate" in our mortgage documentation mean the above rate in effect at the time specified. PLEASE NOTE: The Street Sense product is subject to a 0.10% discount on all regular rates. The above rates are compounded semi-annually, not in advance and are subject to change at any time without notice. Changes occurring in the last 24-48 hours may not yet be reflected above. |
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| To view previous rates, please click Archived Rates | ||||||||||||||||||||