A mortgage repayment scheme in which there is a fixed upper limit, or cap, to the interest rate payable but where the standard variable interest rate applies when it is lower than the capped rate.
A mortgage which allows your interest rate to climb no higher than a specified level, usually for the first few years of the loan.
a mortgage were the interest rate is capped at a maximum level and is not allowed to go higher than this level
a variable rate mortgage which has a fixed upper
a variable rate mortgage, with a specific maximum interest rate that can be charged, for a set period
a variation on the theme of a variable rate mortgage
As with all variable rate mortgages, the rate follows the lender's SVR up and down. The difference with this type of mortgage is that the rate is guaranteed not to go above the level at which it is 'capped'. This type of mortgage is popular in times of steadily rising interest rates.
a variable rate mortgage where interest rates can fluctuate but can never go higher than the maximum (capped) rate.
A mortgage where the interest rate can change but never go ABOVE the maximum capped rate quoted.
The mortgage interest rate cannot go above a certain level, even if mortgage rates rise, but can fall down as rates drop. Ain't no free lunches, though, and if you want to extricate yourself from the mortgage during the capped rate period (say three or five years), you'll have to pay a redemption penalty. See Fixed Rate Mortgage.
This type of mortgage has a fixed interest rate. This rate can be fixed anywhere between 3 to 5 years. While the interest can fall, it will never increase.
A capped rate mortgage has a maximum interest rate for a given term. The interest rate you pay cannot go higher than the agreed capped rate, thus you know the maximum amount your monthly repayments could rise to. However, if the basic interest rate falls below the capped rate, repayments will also reduce.
An interest rate charged for a set period of time which can go up or down with the variable rate, but cannot go above a certain rate.
This is a mortgage that is guaranteed not to rise above a specific rate (the 'cap') within a set period. Unless this is combined with another rate, such as a Discount or Tracker, the Lender's SVR will be charged if it is lower than the capped rate; if it rises above this ceiling the rate charged will remain at the capped level. There are often early repayment charges applicable if the loan is repaid within the capped period.
Mortgage with an interest rate limit or cap that prevents your rate from increasing should the Base Rate go up. Any market fluctuations within the threshold of the cap will still affect your interest rate.
A mortgage where the interest rate is capped at a certain level for a set number of years. The interest rate can go up and down, but is guaranteed not to exceed this level during the capped rate period.
A mortgage that has a pre-determined maximum interest rate, typically fixed for three to five years. The interest rate can fall with the market but cannot rise above the so-called cap. These loans typically come with a penalty for early repayment.