Not every scenario is straight forward. However, Mercury Nexus makes dealing with all scenarios straight forward.
If you have a Standard Variable product, with an Interest Only period applied, you may need to adjust the Revert Rate, as it will differ to the Interest Only period rate. You can easily perform these calculations in Mercury Nexus.
How do I adjust the revert rate for a Standard Variable Interest Only product?
Unlike Fixed Rate products there is effectively only one Base Rate in the database, so you will have to use the discount section. To adjust the rate on a calculation you have already completed:
- Open the Research App and select Product Comparison.
- Highlight and open the calculation.
- Use the edit icon to open the Product details.
- Click into the Rates section and make the relevant changes.
For example if the Interest Only rate is 2.79% and the Revert Rate is 3.00%. Change the Base Rate to the higher of the two rates and add 0.21 to the discount for the lower line item.
- Once the desired rate is set, click anywhere outside the rate field to save the changes.