Rent Logger

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Change an interest rate

Record a rate change on the loan part it applies to. Rent Logger stores the new rate from the date it starts and rebuilds the remaining schedule from that date. A future standard variable rate is left blank until the lender confirms it.

1. Open Add rate change

Each loan part has its own rate history.

In the app

  1. Finance
  2. Loans & Mortgages
  3. Overview
  4. Loan parts
  5. Add rate change
  • View rate history shows the rates already stored for that part.
  • A loan with more than one part needs the change on each part that moved. See Add a loan part.

2. New rate and payment

Enter the new rate and the date it starts. Say whether the regular payment changes with it. The question is Has the lender confirmed a new regular payment?

  • Yes — enter the lender-confirmed payment uses the figure on the lender’s notice.
  • No — calculate an estimated payment works out a figure. It is marked estimated, not lender-confirmed.
  • The payment is unchanged for now keeps the current collection amount.
  • Not known — wait for a lender notice or statement leaves the new payment unset.
  • After a fixed period, choose the follow-on basis: the lender’s variable rate, a tracker, an expected refinance or repayment, or Not yet known. Leave the expected variable rate blank when you do not have it. Future rows stay To be confirmed.
  • Applies to the whole facility uses the new payment for every part when the lender quoted one payment for the loan.

3. What happens to the schedule

Saving records the rate change and updates the schedule for that loan part from the effective date. Rows before that date stay as they were.

  • Open Loan schedule and sense-check the new payment and the later balances. You can also use Rebuild loan schedule if the terms need rebuilding again. See Activate and build the schedule.
  • A scanned rate-change notice is a draft for review. It does not activate itself.