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OCR: Alliance Leicester Capped Rate A Capped Rate' is when your lender guarantees ceiling or 'cap' on the interest rate you pay for an agreed per iod interest rates fall below the 'capped rate' the rate of interest you pay is reduced. If interest rates rise the rate of interest you pay will not rise above the capped rate. At the end of the term, your mortgage reverts to the Basic Variable Rate The Capped Rate will suit you if: you believe interest rates will fall and want to benefit from the possibility of lower rates you have tight budget (with all the expenses involved in Munw people (especially first time buyers) need to keep their repayments under strict control you do not plan to repay any of your mori rtgage early (during the capped rate period, any extra payments incur charge: once the c ...