Mortgage Advice Center
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The Mortgage Advice Center is a Communication of Anderson Lloyd Llp. Anderson Lloyd Llp is Directly authorised and regulated by the Financial Services authority.
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Mortgage Advice Center - Capped Rate
The capped rate mortgage is a variable rate mortgage that has the benefits of being capped. This means that the rate will no got exceed a certain level. If the variable rate goes over the capped limit then they will pay the capped limit only.
This means that the borrower has the security of knowing the most that they will have to pay if rates do rise and they can take advantage of decreased monthly payments if the rate reduces.
When taking out a capped rate mortgage an arangement fee is usually charged.
An early repayment charge usually appears, which will come into affect if you partly or fully repay the loan during the capped period.
Contact the mortgage advice center to talk about capped mortgages.
Think Carefully when securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.