Capped Rate Mortgage
With a capped rate mortgage the interest rate can go up or down in line with movements in the lender's standard variable rate, but cannot go above a set upper limit, known as the 'cap' or 'ceiling'. This type of mortgage can also have a set lower limit, known as the 'floor' or 'collar'. For these mortgages the interest rate can move between these limits but cannot fall below the collar or go above the cap. This product may carry an early repayment charge.
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