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UK Capped Rate Mortgages set a maximum limit on the payback rate and ensures that the mortgage interest rate does not rise above a predefined threshold. Should the lender's standard variable rate (SVR) be below the level at which the cap is set, you get to pay that amount. This is a product that puts together one of the most attractive aspects of a fixed rate mortgage, that you know where your mortgage is going to rise to at worst and are guaranteed it not going any higher. It mixes it with a variable rate mortgage, where if base rates go down, your mortgage pay rate will follow it down. The interest rate is usually the same as the lender's standard variable rate, but will not rise above the capped rate.
Capped rate mortgages are also available in conjunction with some discount mortgages. Advantages
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