Mortgages

Capped Rate

The rate of your repayments is capped for a specified period and a maximum amount (“ceiling”) is stipulated which does not take in account any increase in interest rates.

However, in order to enjoy the benefit of this security, the Lender is at liberty to increase the interest rates payable in your mortgage. If the interest rate falls below the capped level, this is passed on to you and your monthly repayment will be decreased.

NB: The availability of this type of rate can vary.

It must be noted that YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.