A mortgage is the transfer of an interest in property (equivalent in law – a charge) to a lender as a security for a debt – usually a loan of money. Capped mortgages are very similar to fixed-rate mortgages, in that they will not climb above a pre-set rate, known as a cap. A lender offers a loan with a capped rate set for a certain period. During this period, the repayments of interest on the loan cannot climb above this cap.
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Tags: Capped Mortgages, Capped Rate, Fixed Rate Mortgages, Help, House, House Mortgage, Interest On The Loan, Loan Rate, Money, Remortgaging, Repayments, Some, Tips, Useful
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