orig_rate_type

The rate_type at origination.

Loan and account

├── combined
├── fixed
├── tracker
└── variable

combined

Combined Rate - A hybrid rate structure that combines elements of different rate types. This could include a combination of fixed and variable components, or other rate structures that don’t fit into the standard categories.

fixed

Fixed Rate - The interest rate remains constant throughout the life of the loan. The rate is set at origination and does not change, providing predictable payment amounts for the borrower.

tracker

Tracker Rate - The interest rate is directly linked to a specific benchmark rate, typically moving in lockstep with changes to that rate. The rate tracks the benchmark rate with a fixed margin above or below it.

variable

Variable Rate - The interest rate can change over time based on market conditions or other factors. Unlike a tracker rate, the changes may not be directly proportional to changes in a benchmark rate.

Security

├── fixed
├── fixed_to_fixed
├── fixed_to_float
├── step_up
├── variable
│   └── tracker
└── combined

fixed

A fixed rate type that is not expected to change. For example as defined in the Bank of England’s Mortgage Lending & Administration Report (MLAR) Definitions:

means the rate of interest is fixed for a stated period. It should also include any products with a ‘capped rate’ (i.e. subject to a guaranteed maximum rate) and any products that are ‘collared loans’ (i.e. subject to a minimum and a maximum rate). Annual review or stabilised payment loans should be excluded (since the purpose is merely to smooth cash flow on variable rate loans);

fixed_to_fixed

A fixed-to-fixed rate type is where the interest rate is fixed for a set period, then resets to a new fixed rate at scheduled intervals.

fixed_to_float

A fixed-to-floating rate type is where the interest rate is initially fixed for a defined period and then converts to a floating rate that varies based on a market benchmark.

step_up

A step-up rate type is where the interest rate increases (or “steps up”) at predefined intervals.

variable

A variable rate which may be subject to change. For example as defined in the Bank of England’s Mortgage Lending & Administration Report (MLAR) Definitions:

includes all other interest rate bases (i.e. other than those defined above as ‘fixed’) applying to particular products, including those at, or at a discount or premium to, one of the firm’s administered lending rates; those linked to Libor (or other market rate); those linked to an index (e.g. FTSE) etc. However if any such loan products are subject to a ‘capped rate’, then treat as ‘fixed’.

tracker

A tracker rate type is a sub-category of variable rate types and indicates a direct relationship between the interest rate and the base_rate. For example base_rate + 1%.

combined

Any mixture of the above