Capped rate mortgage information
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What is a capped rate mortgage?
Capped mortgages are guaranteed not to exceed an agreed interest rate - making it easier for you to control your monthly budget. Usually, deals return to the lenders SVR after 1-3 years. It’s a good way to ensure that your monthly repayments will not suddenly increase by an unmanageable amount.
As with all mortgages, you need to keep up your repayments or you run the risk of losing your home. Our calculator tool can help you work out how much you can afford.
More capped mortgage information...
It’s worth considering the following pieces of information before you take out a capped rate mortgage:
Your interest is capped in the event of large increases in the Bank of England base rate.
However if the base rate decreases you can still enjoy the benefits.
It’s easier to budget, as you know how much your monthly repayments will be
Initially, you may have to pay more than a fixed or discounted mortgage
There are often early repayment charges
The capped rate only lasts for a certain period (often 2-3 years), then the mortgage usually returns to the lenders SVR (standard variable rate)
Find capped rate mortgage information with First Mortgage
Feel free to contact us on 0845 603 1525. We are happy to discuss your situation, offer more information and help you find the best capped mortgage deal.
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