Capped Rate Mortgage
With a Capped rate mortgage the mortgage has an upper set limit. A cap. The interest rate at which you are paying can not exceed this cap.
With a capped rate mortgage you therefore have the security of knowing the maximum interest you could possibly pay given increasingly rising interest rates, whilst also still benefiting from any drops in interest rates.
These rates although having great benefits have been priced accordingly by lenders, and are usually quite high.
At Hurleys we have access to the whole of the market and will advise you if this is the most suitable product for you, which lender to choose and the most efficient way to proceed.