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Rent review is not a rate.
A two-year ‘rate’ on a Home Purchase Plan is a rent that will be reviewed. After the fix it behaves like an SVR in the kitchen. In the documents it has to remain a lease.
The Mizan desk · 7 September 2026 · 9 min
Gatehouse’s September 2026 limited-edition refinance came in two-year and five-year flavours with no product or application fee. The street will call those fixed rates. On a musharakah they are a rent agreed for a term, then reviewed. The review formula is the live document. If it tracks Bank Rate plus a margin on a declining ‘balance’, the scholar’s job is to ask whether usufruct is still the thing being priced.
SONIA can sit in a lease. It cannot be allowed to turn the lease into a coupon.
Refinance is a new sale
Switching provider at the end of a fix should be a sale of remaining units to you or to the next partner, not a redemption of a loan and a new loan. See refinance. A household that only shops the headline will be surprised twice: once when rent steps up, once when the exit price is not ‘the balance’.
Hold the Q3 card as a map. Hold the review clause as the weather.