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The Mortgage Route A to Z
Pay rate

This glossary or A to Z should help clear up any confusion as to what terms mean what in the mortgage and insurance industry

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Letter P

Pay rate

This is the interest rate agreed by the lender with you and will be the rate at which you are charged interest for the mortgage it is normally the rate that was offered in the deal that mortgage company marketed to you such as the fixed or discount rate and as such will run until the end of the initial period ie the end of that deal..

FSA declaration and important text about mortgage advice