If your mortgage loan is based on the 3-month Compounded SORA, your interest rate will be repriced on the 1st business day every three months.
For mortgages on 3-Month Compounded SORA packages, you should get a letter or eAdvice from the Bank every 3 months updating you of any rate changes and the monthly instalment will only take effect in 2 months’ time which will enable you to make any changes to your existing standing instructions.
For example, if there is a change of interest rate on 1 March 2022, you will receive the first notice in March. However, the change in monthly instalment amount will only take effect on 1 May 2022 to give you time to change any standing instructions you may have. Any subsequent notices will only serve as a reminder.
Please refer to your Base Rate Change Letter for the full information on the effective date of your interest rate and monthly instalment amount change.