Capped Mortgage ?
With a capped rate mortgage you pay the standard variable rate but your lender will set an upper rate - or cap. Your interest rate is guaranteed not to rise above this level for the period the cap is in place. You get the best of both worlds, in that the amount you pay will never rise beyond a certain amount for the period of the deal but it could fall if the lender's standard variable rate (SVR) falls during the period. The price you pay for this security is that deals may be less competitive than fixed and discounted rate mortgages. You can cap for a range of periods, from six months to five years.
Capped & Collared mortgages
A capped and collared remortgage is a variable rate remortgage which has a fixed upper rate limit (the cap) and a fixed lower rate limit (the collar). With a Capped and Collard Mortgage your monthly repayments are variable i.e. can go up or down, but are guaranteed not to rise above a set fixed amount and fall below a lower fixed amount. Get the best possible mortgage quote offer which is right for you with our easy and quick application form. Regardless of whether you have less then perfect credit or are self employed or have been turned down elsewhere we can help. This means that the borrower knows in advance the highest and lowest monthly payments that he may have to make. For example, if cap and collar rates are fixed at 5.75% and 3% respectively, the loan will be charged at the prevailing variable rate as long as this is not more than 5.75% or less than 3%. We take your individual circumstances into consideration listening to you without using a rigid set criteria.
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