Capped rate - 1. Like a fixed rate, but the rate is guaranteed not to go above a certain level for a set period of time. It can, however, move downwards. 2. An arrangement that caps your mortgage rate for a specified period of time. On the first day of the month following expiry of the capped rate period, the interest rate will change to the then prevailing Standard Variable Rate.
Capped rate : 1. like a fixed rate, but the rate is guaranteed not to go above a certain level for a set period of time. it can, however, move downwards. 2. an arrangement that caps your mortgage rate for a specified period of time. on the first day of the month following expiry of the capped rate period, the interest rate will change to the then prevailing standard variable rate.
Capped rate