Definitions for "Initial rate"
The interest rate charged from the commencement of the loan. Many mortgage products, e.g. fixed and discount, have an initial rate of interest, which will change at the end of the initial period.
This is the interest rate that is paid from the beginning of the mortgage to the end of the initial rate period. This usually relates to fixed and discount mortgages which may have an initial rate of interest lower than the normal variable rate. At the end of the initial period the normal variable rate will be payable.
This is the rate of interest you pay when you first begin to repay your mortgage. Many mortgage products, e.g. fixed and discount, have an initial rate of interest which will change at the end of the initial period.