Interest rate is variable with an upper maximum for a guaranteed period.
Capped rate mortgages are a compromise between fixed rate and variable rate mortgages. There is a fixed upper rate but if the base lending rate falls or remains stable, the interest charged on it remains in line with the base rate.
Our Leicester mortgage brokers will always find the best deal for you and can help you through every step of the way.
Capped rate mortgages are a safe option. For example, if you have a fixed rate mortgage and rates fall, your repayments would not fall in line with the decrease. With a capped rate however you would benefit from any fall in rates. If you have a discount mortgage and rates rise, your repayments would increase. With a capped rate your repayments do not rise above a certain level. With a capped rate mortgage however you cannot benefit from the best rates available as better deals can be found on fixed rate and discount mortgages.
To qualify for an Equity Release plan you will generally have to be at least 55 (or the youngest joint applicant 55). The amount of cash you will receive is dependent on the equity release produce chosen and the age and gender of the applicants.
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