Capped mortgages
With a Capped Mortgage your monthly repayments are guaranteed not to rise above a certain fixed level but if the variable rate decreases then so do your monthly repayments.
This type of mortgage puts together one of the most attractive aspects of a fixed rate mortgage, in that you know exactly to what level your mortgage will rise at worst and are guaranteed it not going any higher. It mixes this with a variable rate mortgage where, if the base rates go down, then your monthly repayments will also go down. You therefore get the best of both worlds.
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