This type of mortgage is exactly what it sounds like. The lender offers the customer a protection by Capping the interest rate at the outset of what the customer will ever pay. This is usually set for a set period and the “Cap” is outlined at the beginning. The customer never pays more than the Capped rate but if the lenders standard variable rate drops below the Capped rate then the customer gets the benefit of the reduced rates throughout the set period.

This type of mortgage will generally have early repayment charges included in it throughout the set period.

 

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